Bitcoin Cash (BCH) was all the rage in 2017, hitting an all-time high and becoming one of the five biggest cryptocurrencies based on market cap.
It has never reached those highs again, correcting for over seven years under diagonal resistance.
This could all be coming to an end in 2025. BCH is set for a breakout from this resistance, possibly triggering a parabolic upward movement that could revisit its previous highs.
The weekly time frame price analysis shows that BCH has fallen under a descending resistance trend line since the all-time high in December 2017.
During this time, BCH made three unsuccessful breakout attempts (red icons), the most recent in December 2024.
After a nearly 90% price increase since April, the BCH price is again on the verge of a breakout.
Bitcoin Cash trades at $463, only 20% below the resistance at $520. A weekly close above this level will confirm the breakout.
Since there is no horizontal resistance above, breaking out could catalyze a parabolic rally toward $1,500, causing the BCH price to nearly quadruple.
Technical indicators are also bullish. The Relative Strength Index (RSI) crossed 50 while the Moving Average Convergence/Divergence (MACD) is positive (black circles).
Finally, the wave count shows a completed A-B-C-D-E structure, another sign pointing to a BCH breakout.
As a result, the long-term BCH price prediction is bullish, and a breakout is finally on the cards.
The daily trend is also bullish but suggests a short-term retracement could occur.
BCH started a five-wave rally (black) on April 7 and could be in the final portion of this upward movement.
However, the RSI and MACD have not generated bearish divergences yet, suggesting the rally could continue.
So, while an A-B-C correction is possible, BCH could break out from the long-term resistance trend line without correcting.
Therefore, the BCH price will eventually break out even if a short-term decline occurs first.
The 7-year BCH downtrend might finally be ending.
Bitcoin Cash has shown admirable strength since April 2025 and is on the verge of a breakout.
The long-term price action, indicator readings, and wave count suggest bullish trends.
A close above $540 will confirm the breakout, paving the way for a parabolic rally toward $1,500.