Bitcoin Cash Price Prediction as BCH Pumps Up 4.5% Suddenly – What's Going On?
The price of Bitcoin Cash (BCH) has risen by 1.5% in the past 24 hours, with its move to $229 coming after a spike yesterday that saw the altcoin briefly reach $248.
False reports concerning the acceptance of BlackRock's Bitcoin ETF had caused yesterday's surge, yet even though BCH (much like BTC) retraced its steps soon after, it remains up by 4.5% in a week and by 8% in the last 30 days.
The altcoin is also up by 136% since the beginning of the year, making it one of the best-performing top-100 coins over this period.
And while yesterday's rumors were false, BCH's jump shows that once a Bitcoin ETF is eventually accepted, the altcoin could rise very strongly.
Bitcoin Cash Price Prediction as BCH Pumps Up 4.5% Suddenly – What's Going On?
Bitcoin Cash has been one of the few well-performing major coins over the past couple of months, owing largely to the fact that the market is increasingly coming to expect the approval of Bitcoin ETFs, something which would have positive ramifications for BCH.
Accordingly, BCH's 30-day exponential moving average (yellow) has been riding high above its 200-day average (blue) for several months now, with the shorter-term average rising again after yesterday's spurt.
Similarly, BCH's relative strength index (purple) has jumped up to 60, although it has been unable to rise any higher, given that the ETF approval rumors turned out to be false.
Still, the altcoin's support level (green) continues to rise strongly, showing that its medium- and long-term trajectory continues to be upward.
And it's arguably only a matter of time before a recent ETF application is formally approved by the SEC, an event which would more than compensate investors for yesterday's false start.
Indeed, even though the rumors were unconfirmed (and soon falsified by BlackRock itself), they were enough to cause both BTC and BCH to spike dramatically in a matter of minutes.
What this shows is that the acceptance of Bitcoin ETFs will be massive for both cryptocurrencies and while there's no guarantee that the SEC will approve such ETFs anytime soon, the available signs are all largely good.
For example, August saw Grayscale win a lawsuit which required the SEC to reopen its review process for the asset manager's own Bitcoin ETF application, and the past few days have also brought the news that the securities regulator is not going to appeal this decision.
For this reason, bulls may conclude that it's now only a matter of time before Bitcoin ETFs arrive, with Bitcoin Cash ETFs potentially following not longer afterwards.
Based on this assumption, BCH could easily jump to $300 in the days following an approval, before possibly returning to $500 in the first few months of next year.
New Altcoins With High-Return Potential
BCH is probably one of the most high-potential coins in the market right now, but it isn't the only promising token, with investors recommended to diversify into a variety of more established and newer tokens.
Newer tokens can often rally more quickly than major coins, given that they've been around for less time, with presale tokens in particular proving especially profitable this year.
One of the hottest presale coins at the moment is TG.Casino (TGC), a decentralized casino platform that operates on the popular social messaging app Telegram.
In contrast to many other presale coins, TG.Casino has actually launched its online gaming/betting platform already, a fact which has likely helped its presale raise in excess of $1.1 million.
Such a figure shows that investors are already being won over by TG.Casino's unique value proposition, which sees it combine the worlds of online gambling and social media.
Its presence on Telegram has enabled it to grow out a community of users fairly quickly, and it's likely that its user count will continue expanding as the sale progresses, and as existing community members spread word of mouth about the platform.
And aside from harnessing social media and messaging in a unique way, TG.Casino features a wide spectrum of gambling experiences, from classic card games to newer games.
Users can play and bet on TG.Casino using the platform's native TGC token, which will have a total supply of 100 million, with 40% of this total going to the presale, 20% to staking rewards, and 10% to gaming rewards.
Holding the coin will also provide users with 25% cashback on any losses, while users can also stake the token and thereby earn a passive income.
Its presale may have picked up steam, yet new investors can join the fun by going the official TG.Casino website.
1 TGC costs $0.125, although this is set to rise in just over four days, so interested buyers should act sooner rather than later.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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