With a YTD growth of 145%, Bitcoin Cash price outperforms the 120% YTD growth in Bitcoin. However, despite the recent increase in BTC price with the window of Bitcoin Spot ETF getting shorter, the BCH price struggles to regain momentum.
With a divergent trend in the past few weeks, the BCH price consolidates and shakes out multiple holders. Nevertheless, the possibility of a bull run on the approval of Bitcoin Spot ETF remains strong amongst the Bitcoin Cash participants.
Source – Tradingview
Outperforming the Bitcoin, the BCH price prediction hints at a positive trend continuation in 2023.
BCH Price Analysis Teases $250 Breakout
Source – Tradingview
Maintaining a bull run in the longer picture, the BCH price regains momentum as it bounces back from $200. The uptrend heads higher but struggles to absorb the high supply pressure above the $250 mark.
With buyers maintaining the higher low formation, an ascending trendline forms an ascending triangle pattern in the 1D chart. Moreover, the dynamic 50D EMA moves along the trendline, projecting concrete support from bulls.
Currently, the BCH price trades at $237.44 with an intraday growth of 1.47%, forming a bullish candle. Further, the Bitcoin Cash price takes support from the trendline and the 50D EMA, projecting a strong reversal.
Technical indicators:
RSI Indicator: The daily RSI line maintains a short-term downtrend as the altcoin prices trace back to the support trendline. However, the recent hike brings a bullish spike in the RSI, teasing a comeback phase for bulls.
EMA: The crucial 50D and 200D EMAs maintain a positive trend and continue to support the bull run.
Will Bitcoin Cash Price Reach $300?
As the overall crypto market is caught up with the high hopes for a Bitcoin Spot ETF, the Bitcoin price is ready to skyrocket. As a close relative of Bitcoin, the BCH price is set to receive a positive growth phase upon the ETF approval.
Moreover, the increased chances of a positive turnaround from the 50D EMA tease a bullish breakout of the triangle pattern. If the BCH price exceeds $250, the triangle breakout trend can reach $300.
On the opposite end, the 50-day EMA breakdown will plunge the prices to $200.
