Bitcoin spot price forecast: BCH / USD earns 20% – halving is getting closer
If you look at the price developments in the crypto market over the past week, the picture is contradictory. While the market leader Bitcoin and some altcoins such as Bitcoin Cash, Bitcoin SV or EOS show significant increases, Ethereum, Ripple and Tezos are clearly in the red.
Overall, however, the situation can be eased. Compared with the historic price losses of the previous week, volatility has once again decreased considerably. The sharp drop in prices, which in some cases led to a halving of values in a few days, seems to have been overcome. However, there can be no question of a real recovery or even a rally. It is more like a pause for investors before prices drop further or burst sooner or later. The scenario that will occur will depend on many factors. Above all, the speed with which the global corona virus can be brought under control and the economic damage that remains or can be repaired with financial assistance.
The week has been good for Bitcoin Cash investors. Altcoin has increased by almost 20% per week. Only Bitcoin SV (+ 32%) and OKB (34%) have an even better trend among the 10 most precious cryptocurrencies. The BCH / USD is currently trading well above the $ 200 mark after the price fell to $ 138 in mid-March.
The most important facts about the evolution of the BCH / USD exchange rate
Let’s take a look at the most important facts about the BCH / USD exchange rate evolution during the last trading week:
- Last week’s maximum price was $ 241.36 on March 20 at 11:29 am CET.
- The trading week low reached BCH / USD on March 16 at 12:33 PM CET at $ 154.37.
- Last week’s median price was $ 197.86.
Bitcoin Cash is currently trading above the weekly average, but has experienced a slowdown in its upward movement in the past 24 hours. The least of this period was almost 7.5%. The BCH / USD lost almost 60% of its value in just over a month from the year’s peak of around $ 492 on February 13. On the other hand, if you take into account the starting value of a good $ 204 this year on January 1, 2020, there is even a slight plus for investors.
Latest Bitcoin Cash News
Although there is always talk of the next halving of Bitcoin, we often forget that the halving of Bitcoin Cash is due before that date. According to current calculations, it could be around April 8. But what will be the effect of halving the reward for minors (coin reward)? There is no uniform opinion on this subject. Some expect a major price spike, others expect a crash. Optimists suspect that the price will benefit from the principle of supply and demand. If supply decreases, demand increases and the price increases. Skeptics, on the other hand, suspect that many miners will turn away from Bitcoin Cash after halving it and could switch to Bitcoin. Some even suspect the imminent death of Bitcoin Cash. It remains to be seen how it will end.
Comparison of Bitcoin Cash Graph Models
A course line similar to that of this year cannot be found in previous years. As always, investors need to monitor prices daily so that they can react to price changes in a timely manner.
The pricing information in the article is based on CoinMarketCap cryptocurrency graphics at the time of article publication.
Image source: The picture from QuoteInspector.com