Despite Bitcoin's bearish start to the week with a 2% drop, its close relative Bitcoin Cash has performed admirably. With a prevailing bull market underway, the weekly chart of BCH price reflects a nice trend reversal.
As expectations for Bitcoin price increases skyrocket amidst the Bitcoin halving craze, Bitcoin Cash is capitalizing on this demand. As a relatively cheap alternative, altcoins known for large movements due to their low market caps can reach $1,000. Therefore, BCH price prediction suggests a bull run in April 2024.
Bitcoin Cash price performance
trading view
According to Coingecko, Bitcoin Cash has a market capitalization of over $13.4 billion and has returned 68% over the past 30 days. Furthermore, the weekly chart shows a long-term consolidation, with the BCH price trend approaching the $700 level.
This range breakout marks a breakout rally for Bitcoin Cash's bullish flag pattern, leading to a large candlestick engulfment. Within just two weeks of bullishness, Bitcoin's near Bitcoin surpassed the Fibonacci levels of 23.60% and 38.20%.
The uptrend is about to challenge the 50% Fib level at $762 and is very likely to move above $700. Currently, BCH price is trading at $678, indicating an indecisive Monday in the Doji formation.
Technical indicators:
bollinger bands: The altcoin extended the upper Bollinger Band as the uptrend gained momentum. Therefore, buyers claim dominance over the weekly trend.
Also check: Bitcoin SV Price Prediction: Will BSV Price Reach $150 in April?
Will BCH price stop below $1,000?
With the bull market on the rise, BCH price reflects the high likelihood of making the most of the momentum. If BCH price crosses the $762 mark per Fibonacci level, the next resistance level will be $920. However, a sentiment-fueled rally could push the price to the psychological mark of $1,000.
