With the Bitcoin price sustaining above the $71,000 level, the close-linked Bitcoin Cash shoots overnight. As the BCH price trend siphons additional boost from the market recovery, the bulls are making a comeback.
With an 8.67% jump this week, the buyers undermined last week’s downfall. As the bull run picks up pace, will the Bitcoin Cash price reach $1,000 in this recovering market? Find out more about our BCH price prediction, which provides a long-term view.
Bitcoin Cash Price Performance
Despite a dip under the $500 cushion in April, the BCH price took support at the crucial demand zone of $400. However, as the market bounces back, Bitcoin Cash takes a bullish reversal with a successful retest.
In the weekly chart, this week’s 8.67% jump undermines the evening star pattern and last week’s downfall. This increases the possibility of an upside move as the altcoin undergoes a rounding reversal.
Currently, the BCH price trades at $492.97 following the 3.86% jump last night to make a third consecutive positive day. However, the 0.56% intraday pullback warns of a minor fall today.
Technical indicators:
EMAs: The golden crossover in the 50 and 200 weekly EMAs bolsters the uptrend chances in the Bitcoin Cash price.
RSI: As the recovery rally gains momentum, the weekly RSI line teases a W-shaped reversal, ready to reach the overbought zone.
Will The BCH Price Cross $600?
As per the Fibonacci levels, the BCH token price takes a bullish reversal from the 23.60% level and is ready to reclaim the $500 mark. As the bullish dynamics take over the price chart, the upcoming trend in the Bitcoin Cash price trend seems optimistic.
An upside potential above the $500 mark could cross the 38.20% Fibonacci level at $600 to reach a 50% level at $760 by the end of June.
