Bitcoin Cash Price Prediction 2024: Can BCH Hit Its Own All-Time High?
What's next for Bitcoin Cash?
Key Takeaways
- Bitcoin Cash was founded as a spin-off from Bitcoin in 2017.
- The BCH coin was able to capitalize on excitement about Bitcoin ETFs.
- It has consolidated its position in the top 20 cryptos in recent months.
- One BCH price prediction says it will reach $1,490.05 in 2025.
Originating as a spin-off from Bitcoin (BTC), Bitcoin Cash has performed rather well, albeit in a way that has seen it largely avoid the limelight since it was first traded in 2017.
The coin won the approval of the United States Securities and Exchange Commission – or has, at least, avoided being dubbed an unregistered security – which has seen it in good stead at a time when the SEC has been on the warpath, and when it was listed by the Wall Street-approved EDX exchange on 20 June, its price shot up.
Although there was a downturn, growing interest in Bitcoin exchange traded funds (ETFs) saw it make an upturn, especially as Bitcoin reached a new all-time high in early March.
In April, the Bitcoin Cash community was awaiting the platform’s own halving event, set to take place on April 4.
On April 2, 2024, Bitcoin Cash was worth about $608.75.
Bitcoin Cash did not immediately respond to a request for comment.
But what is Bitcoin Cash (BCH)? How does Bitcoin Cash work? Let’s see what we can find out and also take a look at some of the Bitcoin Cash price predictions that were made on April 2 2024.
Bitcoin Cash Coin Price Prediction
Let’s examine what some of the Bitcoin Cash price predictions were on April 2, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.
First, CoinCodex made a short-term Bitcoin Cash price prediction which suggested it would rise to $705.62 by April 7 before falling to $606.60 by May 2. The site’s technical analysis was, perhaps a little surprisingly, bullish, with 29 indicators sending positive signals and just five making bearish ones.
| 2023 | 2025 | 2030 | |
|---|---|---|---|
| Prediction #1 | $606.67 | $1305.57 | $3,263.92 |
| Prediction #2 | $1,215.92 | $1,490.05 | $4,362.95 |
| Prediction #3 | $828.06 | $1,227 | $8,668 |
Bitcoin Cash Price Prediction for 2024
CaptainAltcoin said BCH would reach $606.67 by December. DigitalCoinPrice , on the other hand, was incredibly confident, saying it would trade at an average of $1,215.92 in 2024. PricePrediction.net said the price would reach $828.06 this year.
Bitcoin Cash Price Prediction for 2025
DigitalCoinPrice said Bitcoin Cash would hit $1,490.05 in 2025. CaptainAltCoin was slightly more cautious, suggesting it would reach $1,305.57. PricePrediction.net said BCH would trade at $1,227 next year.
Bitcoin Cash Forecast for 2030
As far as a more long-term Bitcoin Cash price prediction went, PricePrediction.net said it could trade at $8,668. DigitalCoinPrice said it would get to $4,362.95. CaptainAltCoin was more reserved in its optimism, saying that it would stand at $1,299.46 at the start of the next decade.
Google Gemini AI Price Prediction for Bitcoin Cash (as of April 2)
Google’s Gemini AI platform gave the following price prediction for Bitcoin Cash on April 2. Please remember that the exact price prediction of an asset or cryptocurrency in the future is nearly impossible to achieve. Additionally, artificial intelligent price predictions are predicated on past performances and are in no way entirely accurate.
Short Term (Next Month):
- Prediction: BCH price could see a modest increase of around 5%, reaching up to $630.
- Reasoning: The upcoming halving event on April 4th, 2024, might create a temporary surge in price due to reduced mining rewards. However, market volatility and profit-taking after the event could temper significant growth.
Medium Term (Next 6 Months to a Year):
- Prediction: BCH could range between $300 and $450.
- Reasoning: The impact of the halving event will settle, with price stabilizing based on adoption, integration of new features in the BCH ecosystem, and overall crypto market sentiment.
Long Term (Next 5+ Years):
- Prediction: BCH has the potential to reach $800 or higher, but significant downside risk also exists, with a possibility of dropping below $400.
- Reasoning: Long-term success depends on BCH’s ability to establish itself as a faster and cheaper alternative to Bitcoin. Wider mainstream adoption, scalability improvements, and competition within the cryptocurrency space will all play a major role in determining BCH’s future price.
It added: “These are just predictions, and the cryptocurrency market is highly volatile. Always do your own research before making any investment decisions.”
Recent updates from Bitcoin Cash
Bitcoin Cash had a pretty interesting couple of months in 2023. It was listed on the EDX exchange in June. This meant that it had, in effect, won the approval of the SEC, leaving it as a comparatively safe investment in an uncertain regulatory environment.
The cryptosphere breathed a sigh of relief on 13 July. Judge Analisa Torres ruled that Ripple’s XRP crypto was not a security when it was sold on exchanges. While this was good news for crypto in general, it did rob BCH of a key selling point, and the coin dropped.
Growing interest in Bitcoin ETFs had a knock on effect on similar cryptos, and BCH rose in late 2023 and early 2024, peaking as Bitcoin itself reached an all-time high.
Meanwhile, the platform’s halving event was due to take place on April 4.
BCH Price History
Let’s now cast our eyes over some of the Bitcoin Cash price history . Although past performance should never be considered to be an indicator of future results, knowing what BCH has done in the past can give us some very useful context if we want to either make or interpret a Bitcoin Cash price prediction.
When BCH first came onto the open market in July 2017, it was worth about $400. When the crypto market entered a bubble in late 2017 and early 2018, the price of the coin skyrocketed and it reached an all-time high of $4,355.62 on 20 December that year.
After that, the bubble burst and BCH had to struggle through the so-called crypto winter, sinking to an all-time low of $75 on 15 December 2018. There was some recovery over the next two years or so, though, and when the crypto market experienced a bull run in the first few months of 2021, BCH was able to take advantage.
During this time period, BCH was able to break back through the $1,000 mark in April and , on 12 May, it peaked at $1,635.15 before the market fell over the summer. In the autumn, there was a recovery and the coin reached a periodic high on 9 November of $716.32, with the market boosted by BTC reaching record levels.
2022 was a poor year for crypto and for BTC overall. A series of market crashes saw the coin reach some disconcerting lows, dropping below $100 in June. Although there was some recovery after that, the collapse of the FTX exchange hit it hard and it closed the year at $97.07.
Bitcoin Cash in 2023 and 2024
2023 was more encouraging for BCH. The coin rallied early on in the year, breaking past $100 on 2 January and reaching a high of $145.44 on 22 February.
It declined after that, with the fallout from the SEC’s lawsuits sending it to a low of $95.78 on 10 June, but the news about the EDX exchange gave the price a notable boost and, on 30 June 2023, it reached a high of $326.12. This was BCH’s best price in more than a year.
The price then slowly dropped down, reaching a low of $181.38 on September 11. It managed to recover after that and closed 2023 at $259.26. This represented a year-on-year gain of more than 165%.
Early 2024 was fairly stable for BCH and, by February 12, it was worth about $268. When Bitcoin hit an all-time high on March 5, BCH responded, peaking at $479.21. As anticipation for the Bitcoin Cash halving built, the price shot up, reaching a high of $700.30 on April 1 and trading at around $608.75 on April 2.
At that time, there were 19.6 million BCH in circulation, representing the total supply. This gave the coin a market cap of about $12 billion, making it the 14th largest crypto by that metric.
Bitcoin Cash Price Analysis
BCH fluctuated between $88 and $152 from July 2022 until June 2023, when it saw a sharp increase. This surge hinted at the possibility of entering a bullish phase, confirmed after it broke out above the descending trendline at $300, this was confirmed.
On April 1, BCH reached a high of $700, making an increase of 660% since its bottom of $88. This was most likely its third wave of a five-wave move and is still a lower high than the $1,600 it reached in May 202.
As both the wave structure and the RSI indicator suggest on the daily chart, we could now see a pullback for a corrective stage to settle in, before it goes back up. Our near-term target is $490 which could potentially come in the form of sideways movement.
If we see this price action develop it would indicate consolidation, and a higher high of $1,100 would be expected next, which is our target for wave five.
Is Bitcoin Cash a Good Investment?
It is hard to say. On the one hand, BCH has avoided the harsh regulatory environment that has hit the crypto market recently. On the other hand, we don’t know whether it can build on last year’s positive price performance.
Either way, it is vital that you do your own research before spending your money on BCH.
Will Bitcoin Cash go up or down?
No one really knows for sure right now. Although the BCH price predictions are generally positive, price predictions very often end up being wide of the mark. You should also remember that prices can, and do, go down as well as up.
Should I invest in Bitcoin Cash?
Before you decide whether or not to invest in Bitcoin Cash, you will have to do your own research, not only on BCH, but also on other, similar, cryptos, such as Bitcoin itself and Bitcoin SV (BSV). Ultimately, though, you will have to make this decision yourself. If you do decide to put your money into BCH, remember that you must never invest more money than you can afford to lose.
Who are the Founders of Bitcoin Cash?
A group of Bitcoin developers founded Bitcoin Cash as a hard fork of Bitcoin in 2017.
Who Owns the Most Bitcoin Cash (BCH)?
On April 2, 2024, one wallet held more than 4% of the supply of Bitcoin Cash.
Richest BCH Wallet Addresses
On April 2, 2024, the five wallets with the most Bitcoin Cash were:
- 1JBHhm7Z6i5i65epVg2fA676PCE7WVQyv1. This wallet held 893,949 BCH, or 4.26% of the supply.
- 16Nmka9ftRS1ButcrQGT9aSxEZrtCua2Qs. This wallet held 288,019 BCH, or 1.37% of the supply.
- 35hK24tcLEWcgNA4JxpvbkNkoAcDGqQPsP. This wallet held 183,867 BCH, or 0.88% of the supply.
- 126BQoQ42WzKrpaPhnGuAM9zBRGZRxFmEq. This wallet held 166,995 BCH, or 0.8% of the supply.
- 3NFvYKuZrxTDJxgqqJSfouNHjT1dAG1Fta. This wallet held 163,250 BCH, or 0.78% of the supply.
Fact Box
| Supply and distribution | Figures |
|---|---|
| Maximum supply | 21,000,000 |
| Circulating supply (as of April 2, 2024) | 19,686,194 (93.74% of maximum supply) |
| Holder distribution | Top 10 holders owned 11.19% of maximum supply as of April 2, 2024 |
From the Whitepaper
Bitcoin Cash is a spin-off from Bitcoin. Perhaps surprisingly it does not have its own whitepaper, or technical documentation.
However, it is worth noting what the original Bitcoin whitepaper , published in 2008, says. The documentation states: “What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party.
“Transactions that are computationally impractical to reverse would protect sellers from fraud, and routine escrow mechanisms could easily be implemented to protect buyers.”
Bitcoin Cash (BCH) Explained
Although, for many people, Bitcoin and crypto are interchangeable, that does not mean that BTC has always given its backers what they want. In 2017, the blockchain’s developers were split. Some people thought the best thing about Bitcoin was the technical aspects of blockchain technology. Others thought that the coin’s value derived from it being a payment method.
This led to a hard fork, a process which, basically, created a new version of the blockchain.
One of the forks carried on the Bitcoin name. The other one became Bitcoin Cash. This was designed to be quicker, cheaper and able to compete with such electronic payment giants as PayPal.
The blockchain needed its own crypto, and BCH was formed. This coin rewards the system’s miners and can also be bought, sold and traded on exchanges.
How Bitcoin Cash Works
Bitcoin Cash, which shares a large chunk of code and history with Bitcoin, operates in much the same way as its parent chain. People who want to verify transactions and add blocks to the blockchain solve increasingly complex mathematical equations. In other words, the blockchain has a Proof-of-Work (PoW) consensus mechanism.
What makes Bitcoin Cash a bit different from Bitcoin itself is that its block size is larger. This, its developers argue, makes it much quicker to work with than the original blockchain.
Bitcoin Cash Attention Tracker
Here is a chart for the Bitcoin Cash Google search volume for the past 90 days. This represents how many times the term “Bitcoin Cash” has been Googled over the previous 90 days.
FAQs
Will Bitcoin Cash reach $1,000?
Although BCH has traded at more than $1,000 before, it has not done so since May 2021. The forecasts think that Bitcoin Cash can reach that sort of level again, but it might take a little time.
DigitalCoinPrice thinks it will get there this year, while PricePrediction.net and CaptainAltCoin say it will reach four figures in 2025.
What is Bitcoin Cash used for?
BCH supports the Bitcoin Cash blockchain. People can also buy, sell, and trade it on exchanges.
Disclaimer
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.
Ethereum Price Prediction 2024: ETH Struggles as Market Slumps
