BCH Price Breakout Sirens 20% Upside Potential
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As a close cousin to Bitcoin, the Bitcoin Cash price finds a significant rise in trading volume to support the price boost. With the Bitcoin Spot ETF approvals, the BCH price skyrockets to give a bullish break and multiple green candles.
The remarkable surge in buying pressure all over the market and the Bitcoin price ready to cross the $50K barrier may fuel the Bitcoin Cash price jump in 2024. Moreover, the improving sentiments and multiple bullish events lined up in 2024 support our BCH price prediction.
Source – Tradingview
Finding a surge in buying pressure at the crucial base of $232, the BCH price has increased to a 25% premium in the last five days. This week’s significant jump leads to a bullish breakout of the $260 barrier and an ascending triangle pattern.
The breakout rally signals an entry opportunity for sideline traders and challenges the overhead resistance at $300. Further, the spike in trading volume of 117% supports the rally and teases an uptrend beyond $300.
Currently, the BCH price trades at $293 with an intraday jump of 6.24% following last night’s jump of 8.44%. Hence, the uptrend shows a continuous growth in trend momentum and increases the bull run possibility in 2024.
Technical indicators:
MACD Indicator: The bullish crossover of the MACD and signal lines marks a trend reversal with the breakout event.
RSI Indicator: The daily RSI line approaches the overbought boundary and reflects a rise in the trend momentum.
Hence, the momentum indicators support the bullish side.
Will BCH Price Reach $350?
With the approvals of Bitcoin Spot ETF, there’s a lot of buzz in the cryptocurrency market, and Bitcoin’s value is expected to go up. Bitcoin Cash (BCH), which is closely related to Bitcoin, is also likely to see an increase in price following the ETF’s approval.
Further, the upcoming Bitcoin Halving event and potential rate cuts will catalyze the bull run exponentially this year.
The bullish breakout of the triangle pattern makes it more likely that the trend will shift favorably. If BCH surpasses the $300 mark, the momentum generated by the breakout could push it toward the $350 level.
