Bitcoin Cash Price Prediction: BCH Bulls Target $500 as Golden Cross Forms
Bitcoin Cash (BCH) is showing resilience in the midst of market turbulence, with bulls setting their sights on the $500 mark as a Golden Cross pattern emerges on the charts. The cryptocurrency market has seen mixed performances, with BCH outperforming many altcoins despite broader market selloffs.
Bitcoin Cash Network Strengthens Amid Market Volatility
The recent surge in Bitcoin Cash network activity coincides with a general risk-averse sentiment in the broader altcoin market. This trend aligns with Bitcoin’s consolidation above $107,000, indicating that both BTC and BCH are potentially serving as safe-haven assets amidst prevailing bearish market conditions.
The increase in funded addresses for BCH highlights its underlying strength, suggesting the potential for a price recovery. This positive outlook could be further bolstered if short-term market sentiment around BTC remains positive in the days ahead.
BCH Aims for $500-525 Resistance Level with Golden Cross Formation
Technical analysis of the BCH/USD daily chart reveals the formation of a double Golden Cross pattern, where the 100-day and 50-day moving averages cross above the 200-day MA. Such a pattern often signals a potential reversal in the cryptocurrency’s price trajectory, hinting at a bullish outlook for BCH in the near term.
Bitcoin Cash Price Forecast
Despite the broader market selloff, Bitcoin Cash demonstrated resilience by closing Friday’s trading session with only a 1.63% loss, trading at $488. In contrast, other altcoins like Cardano (ADA) experienced more significant declines, highlighting BCH’s relative strength amid market volatility.
