Analyst Expects Bitcoin Cash to Continue Rising, Highlights Importance of Bitcoin for Altcoins
12:13 pm (2 hours ago)
September 29, 2023
Experienced crypto analyst and trader DonAlt stated that he expects the rise in Bitcoin Cash (BCH) to continue, as it saw an increase of over 10% last week in the top 20 altcoins list. He also mentioned that for this expectation to be disrupted, the price of BCH would have to drop to around $180. DonAlt emphasized the significance of Bitcoin for altcoins in general.
“I Expect the Rise in Bitcoin Cash to Continue”
Anonymous crypto analyst and trader DonAlt expressed that the local presence of Bitcoin fork, Bitcoin Cash, in the daily timeframe chart indicates an upward movement in the price. The analyst stated the following regarding his expectations for BCH:
If you look at lower timeframes, it looks like a breakout. There is a structure here that resembles an ascending triangle. The only thing you should keep in mind or that is important for trading is that when the price drops to a lower level, it tends to retest it, and we are doing that now.
According to the latest data, BCH is trading at $239.06 with a 7.62% increase in the last 24 hours. CoinMarketCap data shows that BCH has increased by 14.03% in the last 7 days and by 25.83% in the last 30 days.
Bitcoin Warning for BCH and Other Altcoins
On the other hand, the failure of the expected rise in Bitcoin Cash disproved DonAlt’s thesis and highlighted the possibility that this thesis may be incorrect. According to the analyst, if the price of BCH drops below $200 or $180, which is a better level, the bullish scenario will lose its validity:
If it drops below $200 or $180, which $180 would be a better point, I think the bullish scenario will be invalidated.
DonAlt believes that the future price trend of Bitcoin Cash and other altcoins will largely depend on the price movement of the largest cryptocurrency, Bitcoin. The analyst stated, “My position will be affected if there are issues with altcoins and Bitcoin Cash due to the decline in the price of Bitcoin, and everyone else in the altcoin market will experience the same thing.”
