Key Points
- Bitcoin Cash (BCH) saw a significant increase of 12.9% on October 15, leading the market in gains.
- Analysts predict further growth due to multiple bullish patterns appearing on the BCH chart.
Bitcoin Cash (BCH) experienced a notable surge of 12.9% within a 24-hour period. At the time of reporting, BCH was trading at $368. The daily trading volume of this cryptocurrency was around $7.26 billion.
Bitcoin Cash’s Rising Popularity
Bitcoin Cash was introduced in 2017 as a hard fork of Bitcoin to address scalability issues. Historically, BCH has often mirrored Bitcoin’s movements, a trend known as the “Bitcoin effect”. Many in the market view Bitcoin Cash as a more affordable alternative to Bitcoin, offering exposure to a cryptocurrency that aligns with the original vision of a decentralized peer-to-peer electronic cash system.
The recent rally coincided with shifting political dynamics in the U.S., as the Republicans, perceived as more open to cryptocurrency regulation, were gaining in the polls. This political shift boosted positive sentiment around Bitcoin Cash, resulting in a $750 million increase in its market cap within 24 hours.
Positive Technical Indicators
Data from CoinGlass shows that open interest in BCH futures has increased over the last week, rising from $180 million on October 9 to $236.8 million at the time of reporting. This rise in open interest points to growing investor activity and increased capital flow into Bitcoin Cash futures, indicating heightened speculative interest in the asset.
Community sentiment around BCH was predominantly bullish, with 98% of 23,017 traders on CoinMarketCap expecting short-term price gains. Similarly, sentiment on X also turned positive, with several analysts and traders predicting strong upward momentum for the altcoin.
Analyst Dom noted in an Oct. 15 post on X that the BCH price action looks promising, having broken out of a falling wedge pattern, a popular indicator for bullish reversal. He predicted that after breaking above $350, BCH has a high probability of moving higher towards $430, 17% above its current price.
Another analyst highlighted that BCH is preparing for a strong breakout from a symmetrical triangle pattern. This pattern is viewed as a bullish indicator if the breakout occurs on the upside, as it often signals that the prevailing trend—here, an upward trend—will likely resume. Based on this, the analyst predicts a potential price surge of 30-40% from current levels.
Analyst Javon Marks has set an even more bullish long-term target for BCH, predicting its price could soar by over 900%, reaching $3,745. On the 1-day price chart, BCH has decisively broken above its upper Bollinger Band, indicating a strong surge in buying pressure. At the same time, the Moving Average Convergence Divergence has formed a bullish crossover, signaling the possibility of accelerated upward momentum.
These indicators suggest a potential for further gains, implying the bullish trend may continue to strengthen in the short term.