Bitcoin Cash (BCH) has had a strong week, gaining 80% this week and 20% today alone to trade around $484 at press time. This comes along with a broader market rally this week in which Bitcoin itself gained 20%. Historically we know that Bitcoin Cash tends to “follow” Bitcoin’s price movements.
One of the most popular traders on TradingView, AlanSantana with over 130k followers, gave his bullish take on where Bitcoin Cash is headed next. As he put it:
“I swear to Jesus that I totally forgot about Bitcoin Cash in the past few months… No, I didn’t. It’s been 245 days since the June 2023 price peak; and just like that, we are up to the next target in a matter of days. Let’s go straight to the point. Current action is wave three and this wave is aiming at $875 or $1,052 as its peak. Then a retrace, wave four, and then the bull-market bull-run pushing prices toward $2,613 and most likely $4,174.”
Alan is using Elliott Wave analysis here to predict further upside. He believes the current move is wave three which could peak around $875, aligned with the 0.618 Fibonacci extension level on the chart. After a pullback in wave four, he expects a massive wave five up to $4,174, in line with the 2.618 Fibonacci extension.
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Show more +While Elliott Wave is a popular and often effective form of technical analysis, it does rely on patterns playing out based on waves that were defined decades ago. As Alan acknowledges: “The earth doesn’t vibrate as it did a century ago, instead of five waves we can see eight waves.” So while he expects significant further gains, the exact peak is hard to predict. His rough estimate is around $4,300 for Bitcoin Cash’s bull market blow-off top.
In conclusion, respected analysts like Alan are calling for much more upside in Bitcoin Cash, likely at least a double from the current price. However, technical analysis remains an imperfect science, so targets and timelines should be taken as informed guesswork rather than guarantees. One thing is clear though – Bitcoin Cash’s volatility is back with a vengeance!
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