Bitcoin Cash (BCH) Price Prediction: BCH Could Hit $600 in Early April

Bitcoin Cash is displaying strong price movement, and more people are joining the movement. It is trading at $342.95 after adding 3.04%

Crypto analyst Jonathan Carter has spotted Bitcoin Cash (BCH) retesting key resistance.

According to the analyst:

“Bitcoin Cash is retesting the upper boundary of a descending channel after breakout on the daily timeframe. Break above the ma 50 could propel price towards targets at $400, $500, $565 and $618.”

As seen in the above chart shared on TradingView, BCH previously moved in a downward channel, which is usually associated with a bearish trend. However, a breakout from this range usually signals that the trend might be reversing.

The chart also shows BCH touching the 50-day moving average (MA 50), a key indicator that traders follow to confirm the direction of a trend.

If BCH manages to break above the MA 50, then it could pave the way for BCH to take out the targets of $400, $500, and even $618. These high levels suggest that if buyers continue to exert more pressure on the cryptocurrency, then it could see a strong rally.

Earlier this week, another analyst, SVLX, shared a technical outlook on Bitcoin Cash.

According to the analyst:

“Bitcoin Cash $BCH 3 day chart: Symmetrical triangle pattern breakout about to repeat first week of April.”

This symmetrical triangle is a common pattern that traders keep an eye out for. It occurs when the price is moving in a converging pattern, getting narrower over time. In this case, the price is contained by two trendlines that are converging into a tighter band.

Due to the nature of this symmetrical triangle, it suggests that the cryptocurrency is more likely to breakout upwards from this pattern.

The analyst shared an example of how this situation played out earlier this year, leading to a major rally in the cryptocurrency.

According to the analyst, this time around, we can expect to see a similar move as the cryptocurrency breaks out of the symmetrical triangle, potentially putting it in the range of $500 to $600.

However, if BCH fails to break upwards and drops below the lower trendline, then it may see some downward movement, pulling back in price before potentially rising again.