Is Bitcoin Cash a Good Investment in 2021?
According to Coingecko Bitcoin Cash (BCH) remains in its 5th rank among the leading cryptocurrencies by market capitalization. At the time of writing, it records a 59.8% annual gain at the price of $343.65.
Is BCH a good investment in 2021? For a favorable BCH price prediction, let us look at how BCH performed in 2020.
Based on the Bitcoin Cash price chart, BCH reached its local high price of roughly $500 in February 2020. During this time, BCH is up 153% since January 1, 2019, when the BCH price is $168 per unit. Accordingly, the BCH market cap then was hovering at around $8 billion.
Unsurprisingly, during the Crypto Black Thursday phenomenon in March, BCH price dipped to its local lowest of under $150. Since then, the Bitcoin cash price prediction ranges from support and resistance levels of $200 – $300.
Last weekend, BCH sunk after its hard fork. Its price fell from $255 to $240, marking a 5% decrease. Today’s price increase marks the recovery as the hard fork temporarily depressed the BCH price.
Bitcoin Cash Price Prediction
So far, the BCH price prediction is leaning to a bullish sentiment; at least until the early months of 2021. Bitcoin Cash has begun to show signs of life after a prolonged consolidation period during the month of November. This is after an unsustained breakout between February to March as well as August to September.
From a macro perspective, the strong resistance levels successfully challenged by Bitcoin Cash bulls are at $320 and $340. In spite of this, a conservative Bitcoin Cash price prediction for 2021 is $250. This is taking into consideration any sudden fluctuations in the market.
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On the other hand, the result of the recent hard fork may further affect the BCH price in the long run. Hence, the bullish BCH price prediction for 2021 is $400.