After plunging by almost 4 percent in yesterday’s trading session, Bitcoin Cash price has resumed its long-term bullish trend in today’s trading session and is already up by a percentage point. The price gain comes amidst huge optimism as a result of its upcoming hard fork that is expected to take place in May.
The hard fork upgrade is expected to bring added security and privacy to the network. Additionally, it will also include “CashTokens” to the network, which will allow decentralized applications to be built directly on the Bitcoin Cash blockchain. The hard fork will also bring other improvements to the network, such as smaller transaction sizes and smart contract functionality.
Why is Bitcoin Cash Price Surging
Besides the upcoming hard fork, the Bitcoin Cash price is also surging due to the current industry-wide bullish trend. The trend has resulted in most altcoins, including Bitcoin Cash also trading in the same direction as the industry resulting in the current bullish trend.
Another factor that is driving the its price to the upside, as Andrew Kang, Mechanism Capital founder, noted, was due to the fundamental improvements to the Bitcoin Cash Network. This, coupled with a general bottoming of the cryptocurrency’s price, has set the stage for a potential price surge in the coming weeks as its chart continues to show readiness for an impulsive upward push.
Another factor is the continued adoption of Bitcoin Cash. According to recent reports, it may soon become legal tender in St. Kitts and Nevis, a Caribbean country, as early as March 2023. Such a development is likely to see more investors coming into the project and further pushing its value to the upside.
Bitcoin Cash Price Forecast
As seen from the above fundamental analysis, there is a high likelihood that we might continue to see Bitcoin Cash’s price rise. On the technical side of things, the price action of the crypto shows a high likelihood of a continued bullish trend following its breakout from the $127 resistance level.
Therefore, my Bitcoin Cash price forecast expects it to trade above the $140 price level in the next few trading session. There is a high likelihood that we might see its value surge to trade above the $150 price level for the long term. However, a drop below $120 will invalidate my bullish price analysis.