Bitcoin Cash Price Forecast: Why is BCH Surging?

After plung­ing by almost 4 per­cent in yesterday’s trad­ing ses­sion, Bit­coin Cash price has resumed its long-term bull­ish trend in today’s trad­ing ses­sion and is already up by a per­cent­age point. The price gain comes amidst huge opti­mism as a result of its upcom­ing hard fork that is expect­ed to take place in May.

The hard fork upgrade is expect­ed to bring added secu­ri­ty and pri­va­cy to the net­work. Addi­tion­al­ly, it will also include “Cash­To­kens” to the net­work, which will allow decen­tral­ized appli­ca­tions to be built direct­ly on the Bit­coin Cash blockchain. The hard fork will also bring oth­er improve­ments to the net­work, such as small­er trans­ac­tion sizes and smart con­tract functionality. 

Why is Bitcoin Cash Price Surging

Besides the upcom­ing hard fork, the Bit­coin Cash price is also surg­ing due to the cur­rent indus­try-wide bull­ish trend. The trend has result­ed in most alt­coins, includ­ing Bit­coin Cash also trad­ing in the same direc­tion as the indus­try result­ing in the cur­rent bull­ish trend. 

Anoth­er fac­tor that is dri­ving the its price to the upside, as Andrew Kang, Mech­a­nism Cap­i­tal founder, not­ed, was due to the fun­da­men­tal improve­ments to the Bit­coin Cash Net­work. This, cou­pled with a gen­er­al bot­tom­ing of the cryptocurrency’s price, has set the stage for a poten­tial price surge in the com­ing weeks as its chart con­tin­ues to show readi­ness for an impul­sive upward push.

Anoth­er fac­tor is the con­tin­ued adop­tion of Bit­coin Cash. Accord­ing to recent reports, it may soon become legal ten­der in St. Kitts and Nevis, a Caribbean coun­try, as ear­ly as March 2023. Such a devel­op­ment is like­ly to see more investors com­ing into the project and fur­ther push­ing its val­ue to the upside. 

Bitcoin Cash Price Forecast

As seen from the above fun­da­men­tal analy­sis, there is a high like­li­hood that we might con­tin­ue to see Bit­coin Cash’s price rise. On the tech­ni­cal side of things, the price action of the cryp­to shows a high like­li­hood of a con­tin­ued bull­ish trend fol­low­ing its break­out from the $127 resis­tance level.

There­fore, my Bit­coin Cash price fore­cast expects it to trade above the $140 price lev­el in the next few trad­ing ses­sion. There is a high like­li­hood that we might see its val­ue surge to trade above the $150 price lev­el for the long term. How­ev­er, a drop below $120 will inval­i­date my bull­ish price analysis.

Daily Chart