Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Apr 1, 2024 12:30 UTC
- [article_wishlist article_id="285425" article_link="https://coinpedia.org/price-analysis/bch-price-analysis-will-bitcoin-cash-hit-1000-this-week/"]
Story Highlights
With a 40% jump last week, the BCH price beats Bitcoin in weekly returns.
With the uptrend gaining momentum, the BCH price aims at a $700 breakout.
Considering that the buyers overcome the $700 resistance, then the bull run could hit $1000.
Despite a 2% drop in Bitcoin marking a bearish start to this week, the close cousin Bitcoin Cash shows a terrific trend in motion. With a dominant bull run in motion, the weekly chart of BCH price reflects a spectacular trend reversal.
As the anticipations of a boost in Bitcoin prices skyrocket amidst the Bitcoin Halving craze, Bitcoin Cash capitalizes on this demand. As a comparatively cheaper alternative, known for massive moves due to its lower market cap, the altcoin could hit $1000. Therefore, the BCH price prediction suggests a bull run in April 2024.
Bitcoin Cash Price Performance
The Bitcoin Cash market cap tops $13.40 Billion and shows a 68% return in the last 30 days, per Coingecko. Further, with a long-term consolidation in the weekly chart, the BCH price trend is heading closer to the $700 mark.
The range breakout marks a bullish flag pattern breakout rally in Bitcoin Cash, leading to massive engulfing candles. Within just two bullish weeks, the close cousin of Bitcoin surpasses the 23.60% and 38.20% Fibonacci levels.
The uptrend is heading to challenge the 50% Fib level at $762 and is highly likely to cross $700. Currently, the BCH price trades at $678 and shows an indecisive Monday with a Doji formation.
Technical indicators:
Bollinger Bands: With the uptrend gaining momentum, the altcoin stretched the upper Bollinger band. Thus, the buyers assert dominance over the weekly trend.
Also Check Out The : Bitcoin SV Price Prediction: Will BSV Price Hit $150 In April?
Will The BCH Price Halt Before $1,000?
Amidst the growing sentiments of a bull run, the BCH price is reflecting a high potential to capitalize on the momentum to its fullest. If the BCH price jumps beyond the $762 mark per Fibonacci level, the next resistance level will be at $920. However, a sentiments-fueled rally can propel the value higher to the $1,000 psychological mark.
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