Bitcoin Cash Price Forecast: $400 Breakout Imminent
- WBOYOriginal
- 2024-07-20 12:01:39999browse
The chart above shows that the search score for “BCH” stood at 46 as of July 7. But as the Bitcoin Cash’s involvement in the Mt Gox payouts
Google Trends data reveals a surging interest in Bitcoin Cash (BCH) with a 46% increase in search hits over the last 5-days. This coincides with a 27% price rally for BCH.
Rising search interest, especially on platforms like Google Trends, is often indicative of a demand surge from both existing investors and new users who may discover the project on the trends tables.
The chart above shows that the search score for “BCH” stood at 46 as of July 7. But as the Bitcoin Cash’s involvement in the Mt Gox payouts dominated the news reels, there has been a significant increase in Google users’ search hits for information on BCH.
At the time of publication on July 12, BCH search score has now surged to 67, reflecting a 46% increase over the last 5-days alone.
Unsurprisingly, the 46% surge in BCH search score over the last five days, has coincided with a 27% price bounce. Hence, as bulls regain control of the crypto markets following positive US economic indices in July, the rising search trends could propel BCH price further toward the $400 level in the weeks ahead.
Bitcoin Cash Price Forecast: $400 Breakout Imminent
The technical analysis for Bitcoin Cash price on the daily timeframe reveals a bullish momentum. BCH price is currently trading at $389.58, up 33.23% over the past 14 days.
From the technical indicators, the Parabolic SAR (Stop and Reverse) is currently positioned below the price at $323.80, indicating a bullish trend. This suggests that the momentum is in favor of the bulls, and a break above the $400 resistance level is becoming increasingly likely. If BCH price manages to close above this level, it could pave the way for further gains, with the next key resistance level around $420.
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