Bitcoin Cash (BCH) Price Prediction: BCH Poised for More Gains as It Hits 7-Month High of $536

Over the past month, Bitcoin Cash [BCH] has experienced a strong upsurge. Since hitting a local low of $321, the altcoin has seen a sustained upward momentum.

Bitcoin Cash [BCH] price charts have depicted a bullish trend for the past month. Commencing the month at a price of $321, BCH went on to hit a 7-month high of $536 on 29 November.

However, at the time of writing, BCH was trading at $512 after logging a 15.38% rise on daily charts. In the past week, the altcoin rose by 15.86%, and monthly charts attested to a gain of 42.65%.

Despite the recent price pump, BCH was still trading at a price that was lower by 88.18% from its ATH of $4355.

However, with BTC continuing to make new ATH, BCH will also be enjoying the momentum. Hence, our analysis showed that BCH was set for more gains on its price charts.

Here’s what BCH charts had to say

As per AMBCryPto’s analysis, BCH saw increasing buying activity and a strengthening upward momentum.

Over the past 24 hours, RSI surged from 57 to 68, indicating that buyers were dominating the market.

This buying pressure was further evidenced by the trading volume, which surged by 314% to reach $1.75 Billion in a day, as noted by CoinMarketCap.

Moreover, BCH’s Stoch RSI was close to a bullish crossover, indicating the beginning of a new bullish wave while maintaining the existing bullish momentum.

When this occurs, it suggests that an asset experiences higher inflows with investors continuing to purchase fearing to miss out, especially after a short uptrend.

Looking further, data from Coinglass showed that most investors were bullish and anticipated prices to rise.

Thus, the Long/Short Ratio at 50% indicated that longs were dominating the market.

This bullishness is further highlighted by investors in long position holders. As per Santiment, the MVRV Long/Short difference surged over the past week to -4.13 from -7.56.

When this rises, it shows that longs are not only in profit but also confident with the altcoin future prospects.

Finally, BCH’s large holder’s outflow declined to reach a monthly low of 10.42K. Such a decline here suggests that fewer large holders are withdrawing their funds.

So, large holders were bullish and anticipated further price gains.

Read Bitcoin Cash’s [BCH] Price Prediction 2024–2025

What next?

If the positive sentiment continues, BCH could make a bullish crossover and start a new wave.

As such, after hitting a 7-month high, BCH will find the next significant resistance around $620 if the current sentiment holds.

Consequently, if it faces rejection, the altcoin will find support around $407.