BCH Price Prediction: AI Model Sets Bullish and Bearish Targets as Market Awaits Alt Season

Dating back to 2017, Bitcoin Cash (BCH) is a hard fork of the leading cryptocurrency Bitcoin (BTC), which was developed to solve some of BTC's scalability issues.

Bitcoin Cash (BCH) price predictions for 2024: up 43% or down 20%?

Bitcoin Cash (BCH) is a cryptocurrency that was created in 2017 as a hard fork of Bitcoin (BTC). It was designed to address some of BTC’s scalability issues by increasing the block size limit.

As a result, BCH can handle more transactions per second than BTC, and it also has lower transaction fees. However, BCH has faced some challenges, including an internal disagreement that led to another fork and the creation of Bitcoin Satoshi Vision (BSV) in 2018.

Despite its advantages, BCH has not been able to achieve a market capitalization that is comparable to its older cousin. At the time of writing, BTC’s market cap was $1.8 trillion, while BCH’s market cap was only $9.9 billion.

However, BCH has performed well in 2024, with a price increase of 43.49% over the last 30 days. One BCH was trading for $505.69, and its year-to-date (YTD) returns were 94.76%. While this still fell short of BTC's YTD return of 122.30%, BCH remained one of the most established cryptocurrencies and boasted an impressive performance of its own.

To assess potential price movements, Finbold consulted some of the most advanced publicly available AI models for price targets, considering both bullish and bearish factors.

ChatGPT-4o outlined bullish and bearish factors for BCH

When prompted, the large language model first highlighted two sets of factors — bullish and bearish — which it identified as the most important.

On the bullish side, ChatGPT-4o pointed to the increasing adoption of BCH, especially among underbanked populations, and several strategic partnerships aimed at improving accessibility.

Additionally, it noted the current positive sentiment of the broader cryptocurrency market and Bitcoin Cash’s continued popularity due to its fast and cheap transactions as bullish factors.

What about the bearish factors? While GPT-4o did mention the often-cited volatile nature of cryptocurrencies and potential regulatory issues as two possible obstacles, those issues are inherent in cryptocurrencies as a whole.

However, the third point raised by the AI model — growing competition from rivals like Solana (SOL) or Ethereum (ETH) layer 2 solutions — carries more weight. Notably, Solana supports even faster and cheaper transactions, making it a primary competitor to BCH.

ChatGPT-4o set two contrasting price targets

After some persuasion, ChatGPT-4o, which was initially hesitant, set two concrete price targets — one aligned with a more bullish scenario and the other likely to occur if bearish factors proved to be more significant.

In the optimistic case, the AI model suggested that BCH could reach prices as high as $650 by the end of the year. For this to happen, the market optimism would have to continue, and the start of the long-awaited alt season could propel prices to this level. It’s worth noting that this is still below the asset’s yearly high of $695, which was set in early April.

Unsurprisingly, the bearish scenario, which outlines a drop to $400, would largely depend on whether the broader cryptocurrency market experiences a crash before the end of the year. If met, this mark would indicate a 20% decrease from the current BCH price. While many analysts are warning that a flash crash — a sudden plummet followed by a rapid recovery — is possible, only the most bearish researchers see a serious risk of a crash in 2024.