Bitcoin Cash is a cryptocurrency forked from Bitcoin, emerged as a spin-off or altcoin. Bitcoin Cash underwent another split, resulting in the creation of two separate cryptocurrencies: Bitcoin Cash and Bitcoin SV. The BCH token is a native token of the Bitcoin Cash platform.
Bitcoin surged by 10% on Tuesday, reaching over $57,000. Bitcoin Cash (BCH) also increased over 13%, soaring above $300 for the first time in almost 2 years, marking a significant rally.
At the time of writing, Bitcoin Cash Coin is up by 12% in daily charts and 22.73% in the last 30 days. The BCH Coin is currently trading around $298.37 with a daily trading volume jumping to $592 million.
Bitcoin Cash Whale Transactions
Recently, Bitcoin Cash (BCH) has experienced a significant transfer of 235,300 BCH, worth around $62.38 million, moving from an undisclosed wallet to another. This transaction was highlighted by the crypto tracking platform Whale Alert.
While the specific reason for the transfer remains a mystery, there are a few likely scenarios that have been suggested. One possibility is that a large BCH holder decided to move their substantial cryptocurrency holdings to a different wallet.
Another interpretation could be that the transfer indicates an over-the-counter (OTC) transaction carried out independently of regular exchanges. Moreover, the action may be linked to a whale getting ready for the upcoming halving event in the cryptocurrency market.
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How High Will BCH Go in 2024? Our Opinion
Bitcoin Cash is preparing for its block-halving event, which is an important event in its blockchain protocol. This event is scheduled to occur either every four years or every 210,000 blocks. During this event, the block reward will decrease from the current 6.25 BCH to 3.125 BCH.
This reduction will lead to a slower rate of new Bitcoin Cash being generated. Block halving events are designed to control the supply of cryptocurrency and have implications for the overall ecosystem.
Further, we anticipate the next halving event for Bitcoin Cash will be in the first week of April 2024. The latest update from the OKLink platform, there are approximately 38 days and 22 hours remaining, with 5,605 blocks left until the event.
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According to our technical analysis and upcoming market trends, the Bitcoin Cash Coin can reach a maximum price level of $0.00 with an average price value of $0.00 by the end of 2024. However, if the market gets bearish or any negative news surrounding Bitcoin or Bitcoin Cash, the value of the BCH Coin can fall to its minimum price level of $0.00 by 2024.
What do you think about Bitcoin Cash’s future potential and its upcoming halving event? Will you consider investing in BCH or do you have a different opinion? Let us join in our OvenAdd Telegram community to discuss further.
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Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
