Bitcoin Cash Surges 5% to $436.20 with $1,509 Price Target
Bitcoin Cash (BCH) has risen nearly 5% in the past 24 hours, trading around $436.20 after reaching an intraday high of $453.34. Analyst Javon Marks has set a price target of $1,509, maintaining this prediction since March.
Key Points
- BCH broke out of a multi-year downtrend in 2023, which had been a resistance barrier since mid-2021.
- The breakout suggests a potential "spring coil" effect, indicating a significant upcoming price movement.
- The $1,509 target is based on historical price symmetry and technical analysis, resembling a classic breakout from a rounded bottom formation.
- BCH has confirmed a series of higher highs and higher lows since late 2022, supporting the uptrend.
- Current technical indicators show an RSI of 57.24 and a bullish MACD crossover, suggesting moderate bullish momentum.
- BCH has surpassed the 0.786 Fibonacci retracement level at $445, with immediate targets at $516.5 and further resistance levels projected at $601.9, $687.2, and $739.9.
- A continuation of this upward trend could make $1,000+ a realistic mid-term target if market sentiment remains positive.