Bitcoin Cash Price Prediction: Expert Opinion Bitcoin Cash Price Forecast
So, what’s the trend with Bitcoin Cash Price? Bitcoin Cash as you might know by now is a Bitcoin core fork and the fourth largest coin by market capitalization. By design, proponents say the coin is meant to be a medium of exchange and to make it a global coin that every Harry and Dick can make use of, the development team has executed four successful hard forks in the last 12 months alone.
A Fork is simply a “split” or a separation from the longest blockchain and in this case the first case, the first fork was a separation from Bitcoin core which at the time was the longest blockchain at the time.
The new chain had a block size of 8MB but that has since been expanded to 32MB with activation of Satoshi_OP codes and increment of default data carrier size to 220 bytes.
All this was done to make the network more scalable and more usable without resorting to alternatives as Lightning Network as forwarded by the core team.
Bitcoin Cash Hard Fork
As though decline in Bitcoin prices were not bad enough, in November 2018, a hard-fork chain split of Bitcoin Cash came about. The coin split into two rival factions. These are Bitcoin ABC and Bitcoin SV.
This event had an immediate impact on prices. As a result, the respective forks traded for $289 and $96.50 respectively, down from $425.01 the day before the fork for the unified Bitcoin cash
So what’s our Bitcoin Cash Price Prediction?
Well, the task of predicting price is always arduous. For this coin in particular, this task in incredibly tough. This is because of the hard fork and such turf wars in the Bitcoin community at large.
But at the grand scheme of things, fundamentals might back a recent spirited attempt by buyers to reverse losses. On a monthly basis, coin trackers indicate that Bitcoin Cash prices are down 40 percent. At the time of writing, the price of the Bitcoin ABC on CoinMarketCap was $166.9. Bitcoin SV is trading at around $92.
With the turmoil in Bitcoin markets, it is reasonable to expect the prices at years close to be around there. Going forward, should next year see a bull run, then it is reasonable to expect rise towards the $200 mark. However, this figure is on the positive side and does not account for further market turmoil. That said, it is important to conduct your own due diligence before making a splash.
Disclaimer: This is not investment advice and views expressed are those of the author. Do your own research before making investment decisions.