Can Bitcoin Cash Reach the $300 Mark Once Again This Year?

The crypto market is once again on the rise following an unstable couple of weeks. Some coins are experiencing their biggest increase in value in 2023. Others aren’t so lucky at this moment, as their prices are either the same or going down.

Markets are overflowing with investors’ interest, as the cryptocurrencies are gaining momentum following Bitcoin’s rise. Bitcoin (BTC) managed to cross the $40,000 line during the weekend.

Now, some altcoins take direct influence to regain bullish momentum. One of them is Bitcoin Cash, which is on the path to its highest peak this year.

Bitcoin Cash Is Teasing a Bullish Break

At the moment, it seems like Bitcoin Cash is teasing a bullish break, according to the daily chart. It seems like this altcoin is ready to regain what it lost on the 1^st of July. This is when Bitcoin Cash reached its biggest value of the year, going slightly over $300.

Based on the traders’ anticipation of a new massive rise, the price prediction of BCH is teasing a bullish ending to this unstable year. Bitcoin Cash seems ready to prolong the ongoing rising trend to the end of 2023 at a much bigger value.

It is worth mentioning that BCH managed to outperform Bitcoin with a minor lead this year. According to the data, the ongoing recovery rally from the ascending baseline is responsible for a jump of 12.32%.

Bitcoin cash currently features a value of $2498.75 with a daily growth of 9.17%. The bullish engulfing candle is shaping up to dare the overhead trendline.

On the path to this trendline, the psychological barrier of $250 has a crucial role in the value chart. If the buyers successfully reach dominance over this price, then the chances of a breakout rally will massively improve for BCH.

According to the RSI indicator, the daily RSI line goes beyond the 2-week SMA and reaches the overbought boundary with the current spike. This shows a strong bullish plan in motion that is ready for a long-term trend and it teases a breakout rally.

Also, the signal lines and the bullish crossover in the MACD support the previously mentioned trend of BCH regaining its peak price.

Can Bitcoin Cash Reach a Price of $300 Once Again?

The value of Bitcoin is projected to surge as the entire crypto market is in anticipation of a Bitcoin Spot ETF. As a closely related cryptocurrency, experts expect Bitcoin Cash to receive a boost as a result of the ETF’s approval.

Additionally, the chances of a positive turnaround are increasing with the bullish breakout of the triangle pattern. As a result, if Bitcoin Cash’s value goes over $250, then the triangle breakout trend will reach $300.

However, on the opposite end, a reversal trend might plunge the price of this crypto coin below $200. Many investors hope that his scenario doesn’t happen as they are fond of capitalizing from this opportunity. Only time will tell if BCH can once again reach the $300 mark this year.