The Potential of Bitcoin Cash (BCH) Price Rally and Miners’ Impact
Bitcoin Cash (BCH) has made a strong comeback, reclaiming the $200 territory after a slump in the altcoin market. However, there are still factors that could impact the future price rally of BCH.
Key Points:
- The BCH price rally has not reached its peak momentum, as indicated by the uptrend in the Network Value to Transaction Volume (NVT) ratio.
- The NVT ratio weighs market capitalization against transactional activity, suggesting that there is still potential for price gains if bullish market momentum grows.
- BCH miners have been selling off their reserves, reducing the cumulative balances from 8.38 million coins to 5.97 million coins. This could increase selling pressure and slow down the price rebound.
- The BCH price is predicted to consolidate above the $220 range in the coming weeks, with potential resistance at the $235 territory. If miners slow down selling, the price could reclaim $250. However, if bears push past the buy-wall, BCH could drop below $190.
- If overall crypto market sentiment improves and network activity grows, BCH could potentially reach $250.
Hot Take:
The price of Bitcoin Cash (BCH) has shown promising signs of a rebound, but the selling pressure from miners and bears could hinder its progress. It will be crucial to monitor the actions of miners and the overall market sentiment to determine the future price movement of BCH.
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