Originating as a spin-off from Bitcoin (BTC), Bitcoin Cash has performed rather well, albeit in a way that has seen it avoid the limelight since it was first traded six years ago.
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 has been a downturn, growing interest in Bitcoin exchange traded funds (ETFs) have seen it make an upturn.
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 September 15 2023.
Let’s examine some of the Bitcoin Cash price predictions being made on September 15 2023. 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 fall to $210.27 by September 20 before falling to $185.90 by October 15. The site’s technical analysis was, perhaps a little surprisingly, bullish, with 26 indicators sending positive signals and just seven making bearish ones.
CaptainAltcoin said BCH would fall to $149.93 by December. DigitalCoinPrice , on the other hand, was incredibly confident, saying it would trade at an average of $457.99. PricePrediction.net said the price would reach $259.46 this year.
DigitalCoinPrice said Bitcoin Cash would hit $732.90 in 2025. CaptainAltCoin was more cautious, suggesting it would reach $444.90. PricePrediction.net was between the two, saying BCH would trade at $574.96 in two years time.
As far as a more long-term Bitcoin Cash price prediction went, PricePrediction.net said it could trade at $3,870.43. DigitalCoinPrice also saw it hit four figures, reaching $2,205.98. CaptainAltCoin was more reserved in its optimism, saying that it would stand at $1,112.26 at the start of the next decade.
Bitcoin Cash has had a pretty interesting couple of months. 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 regualtory 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 the middle of September 2023.
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.
So far, 2023 has been a bit 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 and, by 15 September 2023, it was worth about $213.45.
At that time, there were 19,504,994 BCH in circulation, representing the total supply. This gave the coin a market cap of about $4.16 billion, making it the 18th largest crypto by that metric.
The price of Bitcoin Cash reached its all-time high back in December 2017. From there it started declining and went on to decrease by 98%, reaching a low of $72 about a year later.
In its next bull cycle, BCH rose by more than 2,000%. Although it reached a notable peak in May 2021, it was still less than its all-time high. Its next bear cycle resulted in the price dropping back to its previous lows, falling below $90 in November last year.
Since then the price has been on the rise again. It saw an increase of more than 200% when the price reached its late June highs. That figure has served as a kind of price ceiling since then, with it falling around 50% to below $175 on August 17. Things have got better since then, though.
There are two possibilities for BCH, but both see the coin break out from the descending trendline.
In the first scenario, the breakout momentum has already started. The current upturn might continue, pushing it above $325. On the other hand, it could drop as low as $80 before recovering.
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 its recent momentum and the crypto market has been in a tough place lately.
The fact that it looks like cryptos can be traded on exchanges without being seen as securities may have also caused it to stand out less.
Either way, it is vital that you do your own research before spending your money on BCH.
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.
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.
Bitcoin Cash was founded as 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.”
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 where a new version of the blockchain was created.
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.
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.
On September 15 2023, there were 19,504,994 BCH in circulation, representing the total supply.
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 some time.
DigitalCoinPrice thinks it will get there in 2028 and PricePrediction.net thinks it will reach that level in 2027. CaptainAltCoin thinks it can hit four figures by 2030.
BCH supports the Bitcoin Cash blockchain. People can also buy, sell, and trade it on exchanges.
MXC Price Prediction 2023: What is MXC?
VeChain Price Prediction 2023: What is VeChain (VET)?
Solana Price Prediction 2023: What is Solana (SOL)?
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.