BCH Consolidation Is Ready for a Shot - the Target Is $450

Peter  |  Dec 17, 2020

BCH

Despite the unrealized past ambitions, the main BTC fork feels good in today's realities. The panic markets fall in March 2020 did not go unnoticed by BCH. However, buyers bravely absorbed all this sellers' volume and did not allow the price to approach the previous low $73.5. Currently, the daily BCH trading volumes rank 6th place among all coins and it is $2,715,633,168 USD. Thus we see that a large amount of capital concentrated in this token is interested in the BCH price growth.

According to BCH wallet statistics, more than 50% of BCH is concentrated in wallets, where the coin number is not less than 1000 units. If we look at the weekly chart - the turquoise range is striking. Buyers firmly have been keeping it since September 2019! These facts confirm the great interest of buyers in this coin. The one-and-a-half-year gaining positions process is nearing completion and next year should be a stellar one for BCH investors.

Though, to begin with, let's identify critical points that will signal the beginning of the bull-run.

The Mark of $291 Prevents the BCH Price from Growing

Analyzing the liquidity ranges in the BCH market from July 2020, we concluded that sellers are actively starting to sell the coin at the price of $291. During the current growth wave, which began in September 2020, the liquidity range of buyers is around $262.

Thus, the BCH price exit from the current narrow consolidation range should start a new wave of growth with the first medium-term target of $450.

The alternative price scenario will take effect after breaking $262 down. In this case, the price will return to the purchase zone of ​​$200-220.

The positive dynamics of this coin price movement sets a good example for buyers. Upgrading the historical BTC high and fixing the price above 20k will give confidence to BCH investors and attract new funds to the market.

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