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bitcoin cash price prediction
29 June 11:20
Introduction
Bitcoin Cash is one of the most popular hard forks of Bitcoin. BCH was created in 2017 following a disagreement over Bitcoin’s block size and its ability to scale. Bitcoin Cash is an altogether separate blockchain from that of Bitcoin. It allows for a maximum block size of 32MB as opposed to Bitcoin’s 1MB.
Bitcoin Cash reached an all-time high of $3,721.27 on 20th December 2017. Since then, even though prices have levelled off quite a bit- going as low as $200 at times- the coin has started to gain back some momentum and has been on an upward trend since October 2020. At the time of writing, BCH sits at $472.
Bitcoin Cash Price Prediction
The outlook on Bitcoin Cash varies from site to site. LongForecast is bearish on Bitcoin Cash’s future, stating that over the next two years, the highest price that the coin will ever touch is $602, which they think will happen sometime in mid-2022. Beyond that, they believe that the price of the coin will keep tumbling and it will reach $175 - $217 at the end of 2025.
CoinPedia and few others remain bullish about the future of Bitcoin Cash. According to CoinPedia, if Bitcoin manages to gain back its momentum following the ongoing slew of Chinese crackdowns, the positive effects of it will trickle down to Bitcoin Cash as well. The recent green-lighting of the usage of Bitcoin as legal tender in El Salvador as well as SkyBridge Capital’s $7.5 billion hedge fund’s authorization of Bitcoin show positive indications about the future of BTC and thereby BCH.
If the bulls come back into play because of these, we may be able to see Bitcoin Cash round out the year at a price of $1418.17, which would be about three times the price that it is trading for right now. However, the bears argue that the BCH network lacks a well-established governance protocol, which can prove fatal to the future of the coin if it faces a setback. If anything were to go wrong, BCH could even end the year at $655.44 and have a hard time growing thereafter.
In the long term, CoinPedia says that if the coin manages to incorporate smart contracts and get decentralized exchanges on board, we could see Bitcoin Cash break $3666.73 in 2025. However, as discussions about moving away from Proof of Work gain momentum, volatility in the market may see the coin stagnate around the $1000 mark.
The most bullish of all predictions come from PrimeXBT. Their analysis says that BCH might be able to hit $20,000 by the end of 2022 if Bitcoin stays positive and all goes well. Even on the lower side, PrimeXBT predicts a price of $2000 for the crypto coin in 2022. Over the next five years, their analysis says that BCH will stay above the $10,000 mark on average.
Conclusion
Bitcoin Cash is an interesting project to follow and invest in. As it is a fork of Bitcoin, any changes in the price of BTC will impact BCH. If crypto receives mass acceptance over the coming years, we could be in for a good run.
However, like with any prediction, take everything with a grain of salt and invest according to your appetite. If you then find yourself wanting to buy BCH, BTC, or any other crypto, you can get them all on gate.io.
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