As you can imagine, 2017 was a tremendous year for Bitcoin Cash and it's investors. But, after the ups and downs in 2018, can it continue to perform in 2023 and beyond? Well, if you're wondering what the Bitcoin Cash forecast looks like, then you've come to the right place!
In this guide, I am going to cover the top Bitcoin Cash price prediction for both the short term and long term. I will take you through Bitcoin cash predictions which I have gathered from a variety of sources who use different prediction methods. Then, I will give my own opinion on Bitcoin Cash and whether I think Bitcoin Cash is a good investment or not.
So, by end of this guide, you will have more knowledge about Bitcoin Cash, how it has performed over the past year, and what the future looks like.
So, let's start with a quick overview of Bitcoin Cash.
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Table of Contents
- 1. What is Bitcoin Cash?
- 2. BCH Investment History
- 3. Bitcoin Cash Price Prediction 2023
- 3.1. Technical analysis
- 3.2. Experts
- 3.3. Other Sources
- 4. Bitcoin Cash Prediction Longterm
- 4.1. Technical Analysis
- 4.2. Experts
- 4.3. Other Sources
- 5. Is BCH a Good Investment?
- 6. Could BCH be a Bad Investment?
- 7. Final Words
What is Bitcoin Cash?
The thing that makes Bitcoin Cash unique is that it was literally given birth to from Bitcoin. On August 1, 2017, Bitcoin underwent a hard fork. This hard fork split Bitcoin into two separate blockchains - Bitcoin and Bitcoin Cash.
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For those of you who don't know what a “hard fork” is, let me explain...
A hard fork is when a new blockchain (Bitcoin Cash) is created from an existing blockchain (Bitcoin). The new blockchain, however, has changes made to the technology of the existing blockchain.
Bitcoin Cash was created to overcome two of the major challenges being faced by Bitcoin. These two aspects have a significant impact on Bitcoin Cash price prediction, so let's take a quick look at them:
- Scalability: Due to the huge rise in popularity, Bitcoin has started to face some serious scalability issues. Bitcoin's network is currently only able to process 7-10 transactions per second.
Bitcoin Cash solves this problem by increasing the “block size”. This allows Bitcoin Cash to process a higher number of transactions per second when compared to Bitcoin.
- Cost of transactions: Transaction fees are a major concern for Bitcoin users. Currently, the average transaction fee for Bitcoin is around $1.31, whereas it sits around $0.125 for Bitcoin Cash. As you can see, its quite a difference!
Now that you know what Bitcoin Cash is, let’s talk about its previous price trends.
BCH Investment History
As you can see in the chart below, the price of Bitcoin Cash grew from $310 on 1st August 2017, to $ 3656 on 20th December 2017. This quick growth provided investors with a return of more than 1000% in less than 6 months.
Bitcoin Cash prices saw many ups and downs, but for the most part of 2017 Bitcoin Cash was a fantastic investment. While Bitcoin supporters expected Bitcoin Cash to fail, it’s prices increased due to these reasons:
- Most of the major exchanges (including Coinbase!) decided to list Bitcoin cash, which boosted its trading volume.
- The mining profitability of BCH increased in August 2017, making it popular among cryptocurrency miners.
- Another attempt was made to fork Bitcoin in November 2017. This attempt failed and made investors believe that Bitcoin Cash was one of the worthiest Bitcoin alternatives.
With an idea of the historical trends of BCH, let’s get to our Bitcoin Cash price prediction.
As you already know, the cryptocurrency market is highly speculative and major price changes can happen within minutes. There are many factors that can affect prices, such as regulations, competition, the emergence of new tech, market sentiments and so on.
So, it is very difficult to come up with an accurate Bitcoin Cash forecast. The top Bitcoin Cash predictions below may or may not come true and hence they should not be considered as investment advice.
Consulting with a financial expert is highly recommended before making any cryptocurrency investment.
Bitcoin Cash Price Prediction 2023
I will now take you through some predictions of 2023, which have been strung together using different methods. This will help you to get a holistic view of the Bitcoin Cash future.
Technical analysis is performed using a piece of software. It basis its predictions on two different bits of information — historical price trends and historical volume trends. It doesn't take into consideration other factors though, such as the team, technology, market scenario, etc. There are several websites that have performed technical analysis to get a Bitcoin Cash price prediction 2020.
Walletinvestor.com is one of these websites, and their Bitcoin Cash prediction stands at $407 for one year. Since Bitcoin Cash current price is $453, you shouldn't notice much difference.
Another technical analysis prediction has been made by tradingbeasts.com. According to them, the price of Bitcoin Cash is expected to be in the range of $353-$520 in December 2023. Needless to say, both predictions for 2023 are quite similar.
It’s a good idea to look at what the cryptocurrency experts are saying about the future of Bitcoin Cash. They may not give an exact Bitcoin Cash price prediction, but you can see how positive or negative they are towards the project.
Roger Ver, often referred to as Bitcoin Jesus, has been a vocal supporter of Bitcoin Cash since the beginning. As you can see in the snapshot below, he tweeted in the support of Bitcoin Cash recently.
In a recent interview, he also said, “I am very bullish on Bitcoin Cash, just like I was when I was the very first investor of Bitcoin in 2011.” He also predicts that Bitcoin will be 10 to 20 times higher than its current value, and Bitcoin Cash will be 2 times more valuable in a years time.
According to him, Bitcoin Cash is popular because it can be stored and spent similar to cash, making it possible to be used in day to day life. Roger Ver seems to have a positive Bitcoin Cash price prediction and expects it to show good growth over the coming months.
Let’s have a look at the Bitcoin Cash forecast from some other (not so reliable) sources, who base their predictions on factors such as past trends, team, technological advantages, and market sentiments.
smartereum.com is one website which regularly shares cryptocurrency predictions based on the above-mentioned factors. Their Bitcoin Cash price prediction 2023 was set at $6700 for 2019. That’s 500% growth in less than a year!
Another source that regularly comes out with cryptocurrency predictions is profitconfidential.com. This prediction expected the price of Bitcoin Cash to be around $7000 by the end of 2018.
These predictions were optimistic because they believed that BCH is the best Bitcoin alternative, with proven benefits such as fast transactions and low fees. However, although these Bitcoin Cash predictions were exciting, they were far from the truth as back in 2019, the price of Bitcoin Cash continued dropping.
The BCH prediction for 2023 is more realistic. It might go up to about $500 by the end of the year, according to some sources.
Bitcoin Cash Prediction Longterm
Only fundamentally strong cryptocurrency projects can survive the challenges of competition, regulations and other factors in the long run. Let’s see whether Bitcoin Cash is one of them and what the predictions look like in the long-term.
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Similar to the technical analysis Bitcoin price prediction 2023, the same websites above also provide long-term price predictions.
According to the Walletinvestor.com, the price of Bitcoin Cash is expected to be around $7520.50 in 5 years. So, if you invest today at $1118.2, your investment returns would be around +572.6% if this prediction proved to be correct. However, keep in mind that 5-year predictions can be very inaccurate.
These long-term price predictions suggest that there could be a positive price movement for Bitcoin cash over the coming years. However, you shouldn't expect the price to change much by the end of 2023.
Brian Kelly, a leading cryptocurrency expert, described Bitcoin Cash as the “must-own” digital currency in an interview on CNBC .
Brian Kelly is the founder and CEO of BKCM LLC, an investment company focused on cryptocurrencies. He said that Bitcoin Cash miners are considering allocating some of their mining rewards to fund the development of the BCH ecosystem.
Sounding enthusiastic about the long-term performance of BCH, he further added "That's how blockchains gain value. You're going to be getting more use cases to the extent that usefulness translates into value. That could be a positive for Bitcoin Cash."
smartereum.com has made a 5-year Bitcoin Cash price prediction to be $24,600. The prediction was made back in 2018. As an investor, I would love this price prediction to come true, however, I think it is way too optimistic.
According to another price prediction website, priceprediction.co, the Bitcoin Cash future looks bright. They expect the Bitcoin Cash price to be around $9560.28 in a few years from now.
With the cryptocurrency market being so volatile, it is difficult to say what price BCH will hit in the long-run, however, the overall outlook seems to be positive.
As you know, these predictions are just an indication of possible price movements, but who knows whether they will come true or not. So, you should never invest based on what anybody says, instead should look at the factors which could make it a good or a bad investment.
Is BCH a Good Investment?
In this section, I am going to share some of the things which might help you to come up with your own Bitcoin Cash price prediction. The following are some of the reasons which could have a positive impact on the Bitcoin Cash future.
Bitcoin Cash was built using Bitcoin’s technology, but with substantial improvements. As described earlier, Bitcoin cash has higher transaction speeds and lower transaction fees than Bitcoin.
For any cryptocurrency to thrive, it needs a huge network of miners who verify transactions and "create" new coins.
The good news is that BCH mining is currently more profitable than Bitcoin mining. This is causing miners to shift to BCH from Bitcoin, thus creating a more solid network for Bitcoin Cash.
BCH has been making constant efforts to become more acceptable in the world of online payments. It received a major boost recently when BitPay started supporting BCH.
BitPay, a payment service, has supported only Bitcoin since its inception in 2011 but is now allowing its merchants to accept BCH. This has increased the usage of Bitcoin Cash.
There are some exciting things planned for the development of the BCH infrastructure. In addition to wallet support, the Bitcoin Cash community is also testing a beta Telegram tipping bot — Tipmebchbot.
This new bot by BCH enables Telegram users to tip other users using BCH.
Could BCH be a Bad Investment?
The following are some of the factors which could negatively impact the price of Bitcoin Cash.
Close Association with Bitcoin
BCH is too closely linked to Bitcoin, so much so that it almost seems as if it doesn’t have its own identity, this is why Bitcoin cash price prediction can get tricky. People often think of Bitcoin Cash in the same light as Bitcoin.
Because of this, if Bitcoin were to fail, there is a high chance of BCH failing too. However, if Bitcoin gains momentum, then Bitcoin Cash will be one of the first to reap the rewards considering that it is one of the biggest Bitcoin competitors.
BCH has often been criticized for being centralized in terms of mining, something which is contrary to the concept of decentralized cryptocurrencies.
Most of the BCH mining is performed by just a few large miners. This is not only unfair, but it also increases the security risk to the entire network.
Here's what the famous John McAfee has to say about it:
Even though BCH is currently one of the top altcoins, it could lose that position because of the rising number of cryptocurrency projects.
BCH faces stiff competition from Litecoin, which also offers 4 times faster transaction speeds when compared to Bitcoin. There are also other competitors such as Monero, Dash, etc. which offer the privacy of transactions.
Other top cryptocurrencies like Ethereum, Cardano, and EOS also offer technical advantages over Bitcoin Cash and are also looking to take over BCH.
So, there you have it! You now know some of the top Bitcoin Cash price predictions for 2023 as well as the long-term. They might not have come from the most reputable sources, however, they're the best predictions I could find!
I have covered Bitcoin Cash predictions using various methods such as technical analysis, technology, market trends, analysis by experts, etc. All of these predictions could come true, but they could also be incorrect. So, make sure you do your own research and base your investment decision off things other than the projected prices in this article.
To conclude though, most of these predictions have taken a positive outlook for the Bitcoin Cash future. Also, when you consider factors like its technological advantages over Bitcoin, its community, new developments, etc. Bitcoin Cash could be a safe bet.
So, what do you think about the future of Bitcoin cash? Will it see huge growth, or will it see another price crash? Feel free to let us know in the comments below!