- Bitcoin Cash (BCH) has broken out of its sideways trend with a sharp price surge and rising volume.
- After hitting a local high near $500, BCH entered a consolidation phase marked by indecision and profit-taking.
- A key support zone is forming between $460 and $470, with deeper long-term support around $220 to $230.
- Long-term projections suggest a potential rally to $3,000–$5,000 if the lower support holds.
Bitcoin Cash (BCH) recently changed gears, emerging from a sluggish, lateral movement by recording a strong bullish breakout. The upmove was driven by a sudden spike in price and trading volumes, indicating fresh market interest.
This upward thrust pushed BCH toward the $500 mark, but not without turbulence. Following the initial surge, the asset entered a consolidation phase, with a mix of green and red candlesticks hinting at market indecision and ongoing profit-taking.
After touching a local high, BCH faced a modest pullback, characterized by lower trading volume and a sequence of red candles, a classic sign of short-term selling pressure. Key resistance remains near the $500 psychological level, while a strong support zone appears to be developing between $460 and $470.
A protracted hold above that level may set the stage for fresh bullish momentum. But if the support doesn’t hold, additional declines may be ahead.
Also Read: Bitcoin Cash (BCH) Compression Could Trigger $460 Rally If $420 Breaks
Bitcoin Cash Could Hit $3K–$5K, But Patience Is Key
In the long term, an optimistic approach has materialized despite the immediate confusion. Top crypto voice Crypto Patel predicts that Bitcoin Cash can yield an astonishing 10x. Though BCH is presently trading at approximately $494, Patel identifies a stronger support level of $220-$230 as the launching point of an enormous reversal.
In the event the asset goes back through the zone and holds, the pattern of the chart defines a historical bull run, with bullish targets between $3,000 and $5,000 long-term.
This isn’t a setup for quick profit seekers. According to Patel, it’s a strategic opportunity tailored for long-term believers in the project. The technical groundwork, combined with historical price behavior, suggests that BCH could be positioning itself for a major move, but patience and conviction will be key.
Also Read: Bitcoin Cash Forms Bullish Pattern: Will BCH Surge to $1,058?