It may reach $10000 but on pure speculations rather than fundamental factors.
Before you start, if you a “long-reader” type of person you should consider a full version of this response on my blog: Bitcoin Cash (BCH) price prediction 2019
Ok. Here we go:
Bitcoin Cash (Bitcoin Cash (BCH)) — is the most famous hard-fork (a division of one blockchain into 2 independent) of Bitcoin (BTC).
On August 1, 2017, Bitcoin Cash (BCH) cryptocurrency began its independent voyage. The main task of its creators (separated from the main Bitcoin community), as they stated, was the realization of Satoshi ‘Nakamoto’s original vision of what Bitcoin should be — a transaction currency, not a store of value.
Let’s talk about the strong and weak points of BCH:
Strengths:
- Transaction Rate and Cost (Bitcoin Cash raised the block size from 1 Mb to 8 Mb, which automatically allowed to load 8 times more information into the block)
- Difficulty Adjustment Algorithm (DAA) (This algorithm allows you to adapt faster to changes in the hashing power of the blockchain than the original Bitcoin)
- Control ( It can be expected that all further decisions regarding the future of Bitcoin Cash will be decided much faster due to the presence of clear leaders (Roger Ver, Jihan Wu, Deadal Nix). This positive moment, however, gave rise to a weak side.
Weaknesses:
- Fork, brand dispute, and centralization (Nobody hid that Bitcoin Cash and its creators initially wanted to take away the Bitcoin brand themselves)
- BCH Fundamentally does not solve the problem of scalability (Increasing the block size does not lead to a fundamental solution to the scalability issue. Regardless of the size of the block, it will sooner or later be capped to capacity.)
- Reason for this fork? (As a cryptocurrency, Bitcoin Cash has to compete not only with Bitcoin itself but with a whole herd of competitors, some of which are already technologically superior to BCH. I always have the same question when I look at Bitcoin Cash: why do we need it?)
Now let’s talk about Fundamentals and Technical analysis.
If the hard fork of Bitcoin Cash ‘didn’t happen in 2018, this coin could be even more perspective in new 2019. But today there is the new coin, ‘it’s called Bitcoin SV (BSV) and it steals media attention from BCH big time.
TA shows that BCH all-time high price was $ 4091 at the end of 2017, and its average price is about $ 400–600, so today it has the potential to grow. But in 2019, several important news will take place on the cryptocurrency market: The SEC will make another resolution on Bitcoin ETF, start the platform for institutional investors Bakkt and Fidelity, and much more, so you have to be aware of Bitcoin Cash (BCH) news if you trade it to take a profit.
Wrapping things up.
Bitcoin Cash was not able to make the most important thing — get in the minds and hearts of the people and the right to be called true Bitcoin. Along with this failure, there is also baggage of questions and the main one being:
Why is BCH better than other Bitcoin competitors? Why should it cost more than a bitcoin? Why should it reach $10000 anytime soon?
I have no answers to these questions. So as many of other traders…
Thanks for reading my article!
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I am Eugene and I strive to make your “crypto journey” easy yet informative.
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