Kim Dotcom’s Bullish Endorsement Sends Bitcoin Cash to Highest Levels

Jafrin  |  Dec 21, 2020

Bitcoin Cash (BCH) has outperformed itself to gain over 16% per day and a 32% increase per week amid a strong bullish momentum. At the time of publication, the altcoin is currently at $365 after testing an intraday high of $380. Notable internet entrepreneur Kim Dotcom added fuel to the price of BCH after saying that the altcoin is best for making payments. He even added that the cryptocurrency could reach $3000 in the coming years as merchants will start accepting the cryptocurrency as a means of payment.

Kim Dotcom Bullish On Bitcoin Cash

Kim Dotcom’s bullish endorsement sends the price of BCH to its highest levels since February. The market value of the cryptocurrency rallied to over $6.7 billion while its average trading volume registered at $7 billion.

Kim Dotcom has been recently tweeting on the rising crypto market, alongside the ailing U.S. economy.

A day after bitcoin (BTC) surpassed its record-breaking all-time high, Dotcom tweeted about the sixth largest cryptocurrency in terms of market cap, bitcoin cash (BCH), and expressed his bullish sentiments.

Meanwhile, he also received backlash from those Bitcoin maximalists saying it has no utility. He was quick to respond to them saying he would support Bitcoin Cash within the K.im platform to enable content creators to get paid in BCH for sharing their content.

Bitcoin Cash Set Towards Bullish Momentum

In a weekly chart, Bitcoin Cash (BCH) is currently around the upper x-axis of an ascending triangle. This implies that the price of the cryptocurrency is set towards a bullish momentum.

Once the altcoin breaks above the $372 level, it could result in the first estimated target at the $500 psychological level leading towards the ultimate bullish goal of $2,680. This overall will represent a 600% increase from its breakout point.

Meanwhile, the rejection from the resistance level at $372 could lead to a downwards price correction at $235. This implies that BCH might have trouble crossing through the $368 resistance created by the previous day's high level.

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