Bitcoin Cash price hits an 8-month high at $521.15, eyeing a bullish breakout above the $600 mark toward a potential rally to $1,700.
The Bitcoin Cash price burst through several barrier levels and reached an all-time high of eight months today.
The cost of BCH has been steadily rising since the start of the month, and it went $526.5 today and is currently holding steady at that level.
However, analysts think the momentum may increase as the bullishness develops. Let’s talk.
Why Did Today’s Bitcoin Cash Price Reach Multi-Month High?
The price of Bitcoin Cash has increased by 75% in the last three months, to $521.15, with a market valuation of $10.36 billion.
With a 70% increase in trading volume today, it is now the 12th largest cryptocurrency on the market and has strong investor interest, bringing its value to $642.81 million.
Notably, this upswing has made it the cryptocurrency market’s top performer, and the gain is a result of increased optimism about the Fed’s July rate cuts.
Despite the Fed’s June rate cuts, Jerome Powell is under tremendous political pressure, which is boosting confidence for July and the months ahead.
Additionally, because it is pressed against the top boundary of the falling channel, the BCH price chart displays a bullish pattern breakout.
The cryptocurrency is increasing in value due to strong support and technical variables that favor a spike.
Bitcoin Cash Price Will Next Reach $1,700
The next psychological obstacle is above the $600 level, following a significant breakout over $500.
This indicates no resistance to the token’s potential for growth.
A further uptrend is anticipated since the buying sentiment of the investors is still present, as seen by the 70% increase in trading volume and the 26% increase in OI to $572.23M.
This is a result of the token’s increasing capital inflow.
Furthermore, a short squeeze is expected to occur because more shorts are being liquidated than longs, according to the Coinglass data.
In addition, analysts predict that the token will soon top $600.
Smith and other cryptocurrency analysts have already forecast a huge BCH price increase because the chart shows the 208% pump option.
In light of this, he has forecast a long-term surge to $1,700, almost three times the present price.
More research is required since market volatility and other macroeconomic events have the potential to derail this trajectory.
