Bitcoin Cash price prediction: Will BCH go up?

Contents

• From the Bitcoin Cash white paper
• The story of Bitcoin Cash: The early years
• Bitcoin Cash price history: Times of change
• BCH price history: Crash and recovery?
• Bitcoin Cash price predictions
• FAQs

Bitcoin Cash is the crypto coin that aims to make online transactions quicker and cheaper. But what is going to happen to it? Can we make some kind of Bitcoin Cash price prediction, and what might such a prediction tell us?

Before we do that, let’s take a look at the cryptocurrency’s history. While prior performance is never any guarantee of future results, it does help us put things into context and gain some understanding which might inform a Bitcoin Cash price prediction. 

From the Bitcoin Cash white paper

The “Bitcoin Cash: Peer-to-Peer Electronic Cash?” white paper explains the rationale behind developing the new cryptocurrency.

According to the site: “Bitcoin became increasingly unreliable and expensive. This was because the community could not reach a consensus on increasing the network capacity. Some of the developers did not understand and agree with Satoshi’s plan. Instead, they preferred Bitcoin become a settlement layer.”

It goes on to say: “By 2017, Bitcoin dominance had plummeted from 95% to as low as 40% as a direct result of the usability problems”.

“On August 1st, 2017, we took the logical step of increasing the maximum block size, and Bitcoin Cash was born. Anyone who held Bitcoin at that time (block 478558) became an owner of Bitcoin Cash (BCH). The network now supports up to 32MB blocks with ongoing research to allow massive future increases.”

The story of Bitcoin Cash: The early years

One thing to note about Bitcoin Cash is that it had its best times, at least in terms of its overall price, back around the time it was launched. Late 2017 and early 2018 were boom times for crypto generally and Bitcoin Cash, as a new and exciting cryptocurrency, caught a lot of people’s attention.

When Bitcoin Cash first came onto the market in July 2017, it was priced at around $400. While there were some ups and downs over the first few months, things really started to heat up towards the end of the year. On 20 December 2017, it hit an all-time high of $4,355.62, more than 10 times what the coin had been worth when it came out around five months earlier.

Those good times could not last, though, and the drop was harsh. Around a year after its record high, Bitcoin Cash hit an all-time low of $75.08 on 15 December 2018. This represented a drop of more than 98% over the space of 12 months. There was then some recovery, and BCH spent most of 2019 and 2020 hovering in the region between $100 and $500. But changes were about to take place.

Bitcoin Cash price history: Times of change

The first few months of 2021 saw cryptocurrency generally booming. While Bitcoin Cash was not able to get anywhere near the heights it had reached in late 2017, at the start of last year BCH was worth $342.98. By 3 January, it was worth $421.79.

Although there was some volatility and fluctuation, the overall movement of travel was upwards, with the coin hitting $587.89 intraday on 9 January. There was still room for improvement, though, and the following day’s intraday high of $629.80 was the best price that month, before the coin went back down to finish January at $399.77.

February’s best score was $767.51, on 15 February. While there was a fallback to a monthly close of $459.91, this was another month when the coin finished higher than it started. That pattern continued in March, with the end-of-play price on 31 March of $543.24 coming after a monthly high of $607.07 on 13 March.

April continued the pattern, but with some very bullish behaviour. The intraday high of 16 April, $1,170.73, was the first time the coin had broken the $1,000 barrier for quite a while, and the following day’s intraday peak of $1,208.59 was a monthly high. BCH then went down, but April’s closing price of $993.43 was still 83% higher than the end of March and almost three times higher than it had been at the start of the year. 

BCH price history: Crash and recovery?

May was a month where pretty much anything went. The monthly and 12-monthly high of $1,635.15 intraday on 12 May came as the BCH price enjoyed a sustained rally above the $1,000 mark. But then disaster struck.

Bitcoin Cash was not immune from the great crypto day crash on 19 May, and fell by more than half from an intraday high of $1,110.53 to a low of $507.73. While it recovered to close the day at $706.80 and went up the next day to close at $821.60, the damage was done. The coin ended May at $703.88, down by nearly 30% from the previous month.

June saw another significant monthly fall, this time of just over 25% to $526.30, though July’s closing price was up slightly at $547.80. This led to some revised Bitcoin Cash predictions, and August was another positive month. There was a monthly high of $713.67 on 16 August and it finished the month at $636.77, up 16% from the end of July.

September saw bearish forces take control and it ended down 21% to $502.50 as the month came to an end. October was a bit more positive and, on the afternoon of 29 October, BCH stood at about $581, eventually closing at $596.24. On 9 November the coin reached $796.32, but over the course of the month it followed a downward trend, and by 2 December 2021, it hit an intraday low of $559.82. 

The winter period was a difficult time for cryptocurrencies overall, and bitcoin (BTC) fell by 25% over the course of January. BCH also struggled over the bearish period, and by 5 January 2022, the coin was valued at $428.69.  

The coin continued its downward trajectory to lows of $271.46 on 22 January, its lowest in well over a year. At the time of writing, 9 February, the coin is currently trading at approximately $332.90. 

Bitcoin Cash price predictions

With that all discussed, what is the BCH price prediction? 

WalletInvestor suggests that it will be $506.02 in a year and $1,655.78 in five years’ time – a pretty bullish set of results.

DigitalCoinPrice suggests the coin should be worth $760.96 in a year and hit $1,175.90 in five years, breaching the $1,000 barrier in May 2024.

Conversely, Gov.capital says that the Bitcoin Cash price should be about $469.85 in a year and $73.68 in five years. The data published on the site represents a volatile price pattern – their BCH price prediction for 2023 sees average highs of roughly $760 in May and lows of $103 by the end of December. 

FAQs

Further reading

Bitcoin vs Bitcoin Cash vs Bitcoin SV: The ultimate guide