Bitcoin Cash price prediction favors the bulls and suggests a rise in October. It took support near $180.00 and continues to recover by forming higher high swings. BCH price displayed a double bottom pattern and buyers succeeded in breaking out of the neckline hurdle. It triggered the positive sentiment and boosted the further momentum.
In the previous month, Bitcoin Cash crypto price consolidated in the range between $180.00 to $225.00. It showed signs of base formation and buyers successfully defended the lower range support.
Recently, BCH price broke out of the higher range hurdle and expanded the range in an upward direction. It shows that buyers are active and getting ready for the massive rally in the coming months.
Bitcoin Cash price sustains above the 50-day and 200-day EMA. It indicates the short-term trend and positional trend are in the upward direction. However, the current price looks mild over so it might retrace down to the 50-day EMA. BCH price is trading at $239.50 with an intraday decline of -2.76%. The 24-hour volume to market cap is 9.49%.
Bitcoin Cash Price Getting Ready For the Rally?
Bitcoin Cash price prediction is bullish and suggests a significant rise in its value is possible in the coming months. It formed a bullish continuation pattern which boosted the confidence of the long-term investors.
Till BCH price holds $220.00 it is expected to remain in bulls’ grip and the possibility of more upside rallies is high.
The next phase of the rally in BCH crypto will begin when buyers are able to break out of the $260.00 hurdle. However, if the price faces rejection from $260.00, then it is likely to spend some time in a range between $220.00 to $260.00.
Does the Breakout in BCH Price Reliable?
BCH price rose 18% last week and formed a bullish engulfing candle. It shows the strength and the dominance of buyers.
The recent breakout in Bitcoin Cash price looks sustainable and reliable. Moreover, the overall crypto market is recovering so it might further fuel the rally in the BCH crypto. Therefore, the investors may buy BCH at current levels to generate decent returns.
The MACD curve slopes upward and the histogram bar is on the rise showing the strength of the bulls. The RSI at 64 denotes bullishness and room for upside is open.
Conclusion
Bitcoin Cash price prediction favors the bulls and stays bullish for October 2023. It formed a bullish continuation pattern which boosted the confidence of investors.
The analysis suggests if the BCH price breaks of $260 hurdle then it will increase the possibility of hitting $300 by October end. Otherwise, it is expected to consolidate in a range.
Technical Levels
- Resistance levels: $260.50 and $291.70
- Support levels: $200.00 and $180.00
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/03/bitcoin-cash-price-prediction-will-bch-hit-300-in-october/