Bitcoin Cash (BCH) Flying 13% In A Day, Already TP?

The price of Bitcoin Cash (BCH) has increased significantly in the last 24 hours. (Photo; Doc. Telegaon)

JAKARTA - Crypto Bitcoin Cash (BCH) has again stolen attention after recording a significant price spike of 13% in the last 24 hours. This increase confirmed BCH's position as one of the best performing cryptocurrencies among hundreds of other digital coins.

The strengthening of BCH, which is now trading at the level of 451 US dollars (Rp7,216,000), is driven by several fundamental factors. One of them is the distribution of Bitcoin and BCH from the Kraken crypto exchange to victims of Mt. Gox's 2014 hack. This move not only provides justice for the victims, but also injects new liquidity into the BCH market.

"The distribution of assets from the case of Mt. Gox is a catalyst that strengthens positive sentiment towards BCH," said [the name of crypto analyst, if any] in an analysis.

In addition, large purchase activities by institutional investors, who in the crypto world are known as "taxes", have also boosted prices. Data from whale activity tracking platforms shows the accumulation of BCH in recent days.

"Institutional investors' interest in BCH is increasing. This can be seen from the massive buying activities carried out by several whales," said [the name of crypto analyst, if any].

BCH Bullish

From a technical point of view, the price movement of BCH also shows a very attractive pattern. Bitcoin Cash managed to penetrate the "inverse head-and-quilders" pattern, a graphic formation that is often considered a bullish signal.

"BCH has come out of the inverse head-and-quilders pattern and shot up. It is a very positive signal and indicates the potential for further price increases," said Dz_4L, an active technical analyst on platform X.

The analyst predicts BCH prices will still have a potential increase of up to 15-20% from the current level. If this bullish trend continues, it is not impossible that BCH will penetrate the nearest resistance level of around US$507 (Rp8,112,000).

Although BCH is entering positive momentum, investors need to remain alert to the high-profile volatility of the crypto market. External factors such as government regulation, development of blockchain technology, and overall market sentiment could have a significant impact on BCH prices.