Since the end of February, Bitcoin Cash has been through somewhat of a bearish period – its price has fallen by $20, and it has lost nearly 200 million in market cap between February 26th and March 5th. Traders are waiting for it to recover in March. Will BCH get back to its previous $150 price level? Experts from tradingview share their opinions.
BCH breaks out of the bearish trend
Look at the chart from legendster: BCH’s price has fallen by 10%+. Support lows have been breached several times in a row, and now we have two options. Either BCH will enter a stagnation channel and fall to $123 and lower within the following days, or in the best case, it will enter a recovery channel and rise to $135 and higher in the following days.
No panic! Wait for entry points
According to a user nicknamed Moiz96, ABC/Bitcoin Cash is testing the support level, and if it drops from the green line, it will bounce within pink parallel channels before it finally drops to Red resistance level. Sound bad? It’s not all decided yet. The plummeting of BCH can mean new investment opportunities for traders. However, they need to find a good entry point to buy BCH. No need to panic – Bitcoin Cash should recover even in the worst case.
BCH should stay above $115 level to reach $150
The user Coinkilavuz claims there’s nothing to worry about until BCH is above $115 level. We can already see that the coin has gained in price during three days, since the forecast was posted. Maybe, he is right? If yes, a $150 value is possible to be reached by the end of this March.
Collapse is coming
A user called AIMORAN analyzed the overall cryptocurrency market and has come to the conclusion that BCH is not worth buying right now. Here’s what he says:
“BCH thought that felt good for years, but this lasted just until the hard-fork BSV 15th November. Now the activity levels are quite low and there is no positive dynamics – let’s take the coin to the basket of the weak.”
Judging by his crypto market chart, the overall market cap will only fall during the following months. That means BCH might fall to $120-110 this month.
Bitcoin Cash heads $300
The most positive BCH price overlook is offered by blockchaincharts. After analyzing Bitcoin Cash’s performance in 2019, they claim it had an MA index of 200, which means it might gather $300 in this Spring. That doesn’t seem to be a realistic prediction for March, though. Not with its current tendencies.
All in all, Bitcoin Cash might be a great short-term investment. If it nosedives again, do not miss your chance to invest because recovery is very likely to follow. But don’t forget to trade responsibly!
Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.