The trend this week continues, with Bitcoin Cash no exception to the market decline that has thus far drained the life out of a number of cryptocurrencies. Values are sinking and have done so since this time last week. We have seen some brief periods of calm which did begin to suggest that the markets would start a recovery, these however have been in vain and as it stands, the markets are still retreating at an alarming rate.
We must look past the doom and gloom of today though and see how this may set us up for another market surge in the coming weeks. We have already discussed how Bitcoin and Ethereum could line up for another bull run soon, of course, Bitcoin Cash will play a huge part in this.
Much like Bitcoin and Ethereum, Bitcoin Cash has a historical tendency to take huge jumps up in the light of market droughts.
At the time of writing, Bitcoin Cash is valued at $1,207.66, down 6.66% and overall, down from a recent spike of around $1,818.63.
I want to focus on two historic Bitcoin Cash droughts now. First of all, on the 6th of February, much like Bitcoin, Bitcoin Cash hit a low of $784.68. Almost two weeks later, on the 18th of February, we saw Bitcoin Cash spike at $1,616.66. This is a rise of almost $800.00 in just under two weeks.
Next, a similar event happened, when Bitcoin Cash bottomed out at $663.57 on the 12th of April, before shooting up to $1,539.38 on the 24th of April, once again, just under two weeks later. You might see a trend here, once more, this was a gain of around $800.00.
So, with all of this in mind and the evidence before us, once the markets make a recovery, we could see Bitcoin Cash shoot up by around $800.00 in as little as ten days (ten days from the point the markets decide to calm down at least). At the current rate, this would see Bitcoin Cash hit just short of $2,000.00.
This aims to demonstrate that yes, at the moment things do look pretty bleak, overall though we still have hope that soon enough, things could very well swing upwards. This is based on speculation and thus is not investment advice. Please remember to trade safe.
For now, lets keep an eye on Bitcoin Cash, hopefully the history books are right.