Take a quick:
- Kim Dotcom is bullish on Bitcoin Cash (BCH)
- He expects the digital asset to be valued at $ 3k and above by next year
- He cites the adoption of crypto as one reason Bitcoin Cash (BCH) will thrive
- According to Kim Dotcom, Bitcoin Cash is faster and cheaper to negotiate compared to Bitcoin
Renowned internet entrepreneur and MegaUpload creator Kim Dotcom has predicted that the value of Bitcoin Cash (BCH) could reach as high as $ 3,000 by next year. According to Mr. Dotcom, Bitcoin Cash is great for payments compared to Bitcoin which is considered a store of value. Moreover, more sellers will start accepting crypto and Bitcoin Cash (BCH) which is best placed to fill this niche due to its low fees and faster transactions compared to Bitcoin.
Kim Dotcom’s comments on Bitcoin Cash (BCH) were made via the following tweet.
Bitcoin> great for asset storage
Bitcoin Cash> great for payments
Bitcoin Cash at $ 310 today.
I expect $ 3000 + next year.
More and more vendors are receiving crypto. Sellers want low fees and fast transactions.
I’m bullish on BCH.
I will re-tweet this in a year.
– Kim Dotcom (@KimDotcom) December 17, 2020
Bitcoin Cash Pumps (BCH) 16% in Less Than 24 Hours
A quick glance at the Bitcoin Cash chart reveals that BCH experienced an impressive pump today, December 20th. Earlier today, Bitcoin Cash was trading at $ 315 before pumping hard to a local peak of $ 367. This is a 16.5% increase in less than 24 hours.
With this move, Bitcoin Cash has printed what looks like a double top as seen in the daily BCH / USDT chart below.
However, Bitcoin Cash (BCH) could be preparing for another higher push due to the following.
- The daily trading volume in green with the daily MACD confirms bullishness
- Bitcoin Cash’s current value is above the three moving averages: 50 days, 100 days and 200 days
- The daily MFI has not yet been exhausted at a value of 72
- The daily RSI is also 72 years old and suggests a short bullish run
- $ 367 acts as a stiff resistance for Bitcoin Cash
- Other areas of resistance can be found at $ 400 and $ 430
Popular internet entrepreneur Kim Dotcom has predicted that Bitcoin Cash (BCH) could be priced at $ 3,000 next year. His analysis is based on more crypto adoption that will lead to sellers favoring cheaper and fast transactions through BCH than Bitcoin.
From a Technical analysis standpoint, Bitcoin Cash has experienced an impressive 16.5% rise in less than 24 hours and looks to capture the $ 400 price area in the days to follow.
However, as with all analyzes of altcoins, the future of Bitcoin Cash in the crypto markets is very much tied to the future of Bitcoin. If King of Crypto is stable, BCH could thrive. But if Bitcoin experiences extreme volatility in either direction, Bitcoin Cash will most likely experience immersion.