Bitcoin Cash price got supercharged this week as focus shifted to the upcoming halving event. The BCH token surged to a high of $553.65, its highest point since November 21st. Like other cryptocurrencies, it has soared by more than 450% from its lowest level in 2023.
Bitcoin Cash halving countdown
One of the biggest crypto news of this year will be the upcoming Bitcoin halving. This is an important event that slashes the amount of Bitcoin rewards offered to miners by half. It will be the fourth halving event to ever happen in Bitcoin’s ecosystem.
Bitcoin will not be the only cryptocurrency to go through halving this year. Most of its hard forks like Bitcoin Gold (BTG), Bitcoin SV (BSV), and Bitcoin Cash (BCH) will have their halving events.
Bitcoin Cash’s halving is expected to happen on April 2nd. When it happens, the current block reward of 6.25 BCH will be slashed by half to 3.125 BCH. It will happen when the block height reaches 840,000.
There are signs that the process of mining for new BCH coins is getting more difficult ahead of halving. Mining difficulty has continued surging and is now at its highest level on record. It peaked at 633.75, which is a big increase considering that it dropped to 268 G in December last year.
As the name suggests, mining difficulty refers to the toughness of mining new Bitcoin Cash coins. It usually adjusts based on the total computational power of the miners.
Similarly, Bitcoin Cash hash rate has also pointed upward in the past few days. It has risen to 6 EH/s, its highest level since March 3rd.
In most cases, cryptocurrencies tend to jump ahead of their halving events. Therefore, fundamentally, there is a likelihood that BCH price will continue soaring.
Bitcoin Cash price forecast
The daily chart shows that the BCH price has been in a spectacular bull run. It bottomed at $90 in June last year and has soared to over $550. The coin has risen slightly above the crucial resistance point at $529.15, its highest swing on March 3rd of this year. Moving above this price is important since it invalidated the double-top pattern whose neckline is at $347.
Bitcoin Cash price has remained much higher than the 50-day and 100-day Exponential Moving Averages (EMA). At the same time, the Relative Strength Index (RSI) and the MACD have continued to point upwards. The Average Directional Index (ADX) is at 25, which is a positive sign.
Therefore, the outlook for Bitcoin Cash price is extremely bullish, with the next point to watch being at $600.
