- Bitcoin Cash (BCH) has surged to its highest price since November 2021, currently trading around $635
- The anticipation surrounding the upcoming Bitcoin Cash halving event scheduled for April 3rd has contributed to the bullish sentiment
- The cryptocurrency has returned to the limelight following the publication of a book by Roger Ver, reigniting debates about the ethos behind Bitcoin Cash and Bitcoin
Bitcoin Cash (BCH), the cryptocurrency born from a contentious Bitcoin fork in 2017, is seeing a resurgence in price ahead of its upcoming halving event. BCH has rallied over 40% in the past month, hitting its highest level since November 2021. The recent price boom can be attributed to anticipation surrounding the halving, as well as renewed attention and debates around the ethos of Bitcoin Cash versus Bitcoin.
Price Action
BCH has skyrocketed from around $600 to a recent high of $697 before correcting to $635. This marks the highest price for BCH since late 2021, although still far below its all-time high of nearly $3,786 in December 2017.
BCH has more than doubled in price since early 2024. A major spike occurred on March 3, when the price jumped 57.93% from $316 to $500 in a single day.
Technical indicators point to a strong bullish trend for BCH. The widening gap between the 10-day and 55-day moving averages suggests short-term traders are driving the rally. The ADX at 29 indicates a strong uptrend, while the RSI at 70 reflects bullish sentiment.
However, today’s candlestick suggests a minor correction may occur. Support levels to watch are around $567 and $470. If the bull run persists, BCH could be heading toward $730-$790 next.
Market Context
The BCH breakout defies overall market trends, as Bitcoin retraces below $69,000 after failing to clear $71,000. BCH is the top performing coin among the top 40 by market capitalization.
Bitcoin is also approaching its own halving on April 20. Along with BCH, coins like BSV, BTG, and others have halvings scheduled around the same time. These events are historically bullish for crypto prices.
Driving Factors
The upcoming BCH halving on April 3 is reducing mining rewards by 50%, which should slow inflation and increase scarcity. Previous halvings have led to significant price jumps.
Additionally, BCH has returned to the spotlight after Bitcoin advocate Roger Ver published a book reigniting debates around the principles of BCH versus BTC. While Ver declined, an invitation from Blockstream’s Adam Back to abandon BCH for Bitcoin also fueled attention.
Conclusion
With its next halving just days away, Bitcoin Cash is surging to its highest price level since 2021. The rally reflects a combination of factors – anticipation of reduced supply after the halving, renewed attention and debates, and an overall bullish market structure. As long as the uptrend persists, BCH looks poised to continue significantly outperforming Bitcoin in the short term.
