Today, for the first time in a while, the markets seem to be embarking on a long decline, one which could see recent monthly highs, drop back down to monthly lows.
There are two things that could be happening right now. Firstly, the state of the markets could be as a result of correction, taking place in light of what has been a successful week in terms of cryptocurrency value. Secondly, something more serious could be happening as a result of mass selling that has taken place due to the apparent success of some major currencies. Though this is not confirmed.
Moreover, the sudden turn in the direction of some currencies is having quite an impact on the top 10. Ripple for example is now on the edge of dropping back into $0.70 territory, Bitcoin could soon see values in the $8,000.00 region once more and, most surprisingly, Bitcoin Cash could stoop below $1,000.00.
Just a few days ago, we saw Bitcoin Cash reach close to $1,500.00. If it does fall below $1,000.00, we should start to worry,
At the time of writing, Bitcoin Cash stands at $1,276.18 and is down 16.36%. Overall, we still have a way to go before Bitcoin Cash drops below $1,000.00. Yet, we should consider how quickly Bitcoin Cash moved over the $1,000.00 threshold, with this in mind, a quick drop of -$200.00 or so becomes quite possible.
If this is just a benign recovery phase then hopefully we will see Bitcoin Cash re-settle at around $1100.00 for the time being. Perhaps then value can start to accrue and eventually we could see $1,250.00 back on the horizon, placing Bitcoin Cash back on it’s $1,500.00 trajectory.
As we know, experts are predicting a second bull run sometime soon. Such a bull run will easily see Bitcoin Cash over the $1,500.00 mark. Moreover, the next hard fork planned for the currency is approaching. This will see a huge upgrade take place on the infrastructure of Bitcoin Cash, improving the block-size operating on Bitcoin Cash’s blockchain. This hard fork should be met with huge anticipation that in theory will also help to push the price of Bitcoin Cash back up, if the fork is a success, timed with a significant surge or even a bull run then realistically, we could see Bitcoin Cash hit $2,000.00 and beyond. This really would require a perfect recipe however.
So for the time being, we do expect Bitcoin Cash to continue to slump somewhat, although, the climate suggests that a change is due soon. Tie this in with the hard fork and should it all fall into place successfully, Bitcoin Cash will be back on track in no time. After $1,500.00 is maintained, $2,000.00 + really is a realistic prospect.