Key takeout
BCH surpassed other major coins this week, up nearly 20%.
The coin can hit the $500 mark heading for the historically bullish Q3.
Bitcoin cash will spike 20% this week, ignoring market conditions
BCH, the native coin of the Bitcoin Cash ecosystem, is one of the best performances this week. It’s better than Bitcoin and other major cryptocurrencies, adding nearly 20% to its value in the last seven days.
This latest development comes amid the growing conflict in the Middle East. The ongoing conflict between Iran and Israel has negatively affected Bitcoin, ether and other major cryptocurrencies. BTC failed to create a new all-time high after reaching the $111K level earlier this month.
However, Bitcoin cash benefits from capital revolving into capital’s interim cryptocurrency. Bitcoin Cash shows signs of institutional interest due to its simplicity of scaling and fast settlement times.
At the press conference, Bitcoin Cash price was $492, up 7% over the past 24 hours, making it the best performance of the top 20 cryptocurrencies by market capitalization.
BCH Eyes is $500 in powerful foundations and technology
BCH surpassed SUI, becoming the 12th largest cryptocurrency by market capitalization, and was able to quickly stoop out the hype if the rally was maintained. Cryptocurrency prices could quickly exceed the $500 psychological level if the Bulls control it.
In the historically bullish third quarter, analysts hope that BCH will rise in the coming days and weeks.
Technical indicators are very bullish and BCH can be high in the short term. The MCD is currently in the positive zone, indicating that the Bulls are managing the market. A relative strength index (RSI) of 68 also indicates that BCH is currently being bought and could face additional purchasing pressure.
If the Bulls keep control, the BCH price could ralend towards around $615 towards the next major resistance level. BCH is down 88% from its all-time high price reached seven years ago.
