Bitcoin Cash (BCH) has experienced a notable surge of 12.9% over the past 24 hours, with its price reaching $368 on October 15. The cryptocurrency’s daily trading volume has soared to $7.26 billion, placing it at the forefront of the market’s top gainers. Analysts predict that the rally could continue, pointing to a series of bullish patterns and growing interest in the digital asset.
Bitcoin Cash, created in 2017 as a hard fork of Bitcoin to address scalability issues, has often mirrored the movements of its predecessor. This phenomenon, known as the “Bitcoin effect,” has historically influenced Bitcoin Cash, particularly during periods of heightened interest in Bitcoin. Many traders view BCH as a more affordable alternative to Bitcoin, providing exposure to a decentralized peer-to-peer electronic cash system.
A shift in U.S. political dynamics may have contributed to the rally, with polling trends showing growing support for the Republican Party. Republicans are perceived to be more open to cryptocurrency regulations, generating positive sentiment around Bitcoin Cash. This political shift has been linked to a $750 million increase in Bitcoin Cash’s market capitalization within a single day.
Open interest in BCH futures has also seen a significant rise. According to data from CoinGlass, open interest increased from $180 million on October 9 to $236.8 million by October 15, indicating a rise in investor activity and increased speculative interest in Bitcoin Cash.
Community sentiment surrounding BCH remains overwhelmingly bullish. On CoinMarketCap, 98% of 23,017 traders predicted further price gains for the cryptocurrency in the short term. Social media platform X (formerly Twitter) has also witnessed a wave of optimism from analysts and traders, many of whom are forecasting continued upward momentum for Bitcoin Cash.
One prominent analyst, Dom, commented on X that BCH had broken out of a “falling wedge” pattern, a common technical indicator for a bullish reversal. Following the breakout above $350, Dom anticipates that Bitcoin Cash could climb to $430, reflecting a potential 17% increase. Another analyst highlighted a symmetrical triangle pattern forming on the charts, which is generally seen as a bullish indicator when broken on the upside. The analyst suggested that Bitcoin Cash could surge by 30-40% from its current levels if this trend continues.
Javon Marks, another crypto analyst, has set an even more optimistic long-term price target for BCH, predicting a staggering rise of over 900%, with the cryptocurrency potentially reaching $3,745.
On the technical side, Bitcoin Cash has broken above its upper Bollinger Band, a signal of strong buying pressure. The Moving Average Convergence Divergence (MACD) has also shown a bullish crossover, further supporting the possibility of sustained upward momentum in the short term.
While Bitcoin Cash’s rally has captured the spotlight, the broader cryptocurrency market has also been witnessing similar trends. A surge in short liquidations has contributed to the price increases, with over $145 million in assets liquidated in the past 24 hours, according to crypto.news. Bitcoin accounted for $63 million of these liquidations.
The inflow of $555.9 million into spot Bitcoin exchange-traded funds (ETFs) in the U.S. has further fueled optimism among investors and traders, adding to the bullish sentiment across the cryptocurrency sector.
As Bitcoin Cash continues its upward trajectory, market analysts are closely watching for further bullish signals, with many expecting the rally to extend in the days ahead.
