Bitcoin Cash (BCH) price analysis: A correction or end of the rally?

By: Stanko Iliev
Stanko Iliev
Stanko dedicates himself to providing investors with relevant information they can use to make investment decisions. He loves the… read more.
on Apr 21, 2021
  • Bitcoin Cash has extended its correction from the recent highs
  • Faster transactions and lower fees are fueling Bitcoin Cash adoption
  • If the price jumps again above $1100, the next price target could be around $1200

Bitcoin Cash price has advanced from $545 above $1200 since the beginning of April, and the current price stands around $945. The cryptocurrency market is losing some ground this trading week, but the “bullish trend” remains very strong.

Fundamental analysis: Faster transactions and lower fees are fueling Bitcoin Cash adoption

Bitcoin Cash price has exploded since the beginning of April, and this cryptocurrency continues to trade in a buy zone. The daily volume of Bitcoin Cash (BCH) remains high, and if this positive trend continues, this crypto could be one of the best performers in the upcoming weeks.

Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.

Bitcoin Cash has rapidly become one of the most valuable cryptocurrencies globally, and it is also important to mention that Bitcoin Cash has lower fees than Bitcoin. Bitcoin Cash allows more transactions to be processed because of increased block size, and this ​network is outpacing transactions on the Bitcoin network at a 10:1 ratio.

Faster transactions and lower fees are fueling Bitcoin Cash adoption, and according to cryptocurrency promoter Roger Ver, BCH has a bright future.

“One of the things that most people don’t realize — there are already more transactions happening on the Bitcoin Cash network, right now, today, than there are on the Bitcoin network. Right now, today, as we’re recording this, more people are going to transact on the Bitcoin Cash network than on Bitcoin,” said Roger Ver.

Global adoption, permissionless innovation, and decentralized development are the main characteristic of this network; still, investors in Bitcoin Cash should have in mind that this is a very risky cryptocurrency.

Technical analysis: Bitcoin Cash continues to trade in a buy zone

Bitcoin Cash was one of the best performers on the cryptocurrency market in the last several weeks, and as long the price is above $800, it remains in a buy zone.

Data source: tradingview.com

Bitcoin Cash (BCH) could advance even more in the ongoing bull market, and if the price jumps once again above $1100, the next price target could be around $1200 or even $1300. Bitcoin Cash’s trading volume remains high, and for now, there is no risk of the trend reversal.

On the other side, if the price falls below $800 support, it would be a firm “sell” signal, and we have the open way to a $700.

Summary

Bitcoin Cash price has exploded since the beginning of April, and for now, there is no trend reversal sign. Faster transactions and lower fees are fueling Bitcoin Cash adoption, and according to cryptocurrency promoter Roger Ver, BCH has a bright future. If the price jumps again above $1100, the next price target could be around $1200, but if the price falls below the $800 support level, it would be a firm “sell” signal.

Where to buy right now

To invest simply and easily, users need a low-fee broker with a track record of reliability. The following brokers are highly rated, recognised worldwide, and safe to use:

  1. Etoro, trusted by over 13m users worldwide. Register here >
  2. Capital.com, simple, easy to use and regulated. Register here >