News of the Bitcoin Cash hard fork has been around for a while now, and demand seems to be picking up. In the last few day’s Bitcoin Cash (BCH) has gained positive momentum, moving from slightly over $400 to its current price, which is upwards of $600. In the last 12-hours, Bitcoin Cash has pushed up by over 10% to trade at $633 at the time of writing. There are strong indicators that by the time of the hard fork, Bitcoin Cash (BCH) could be trading at over $1000. Here are a few indicators that support this ascertain.
- Investors are expecting free coins
One of the biggest reasons why there so much excitement around BCH at the expectation of free coins after the chain split. The last time bitcoin was forked to form bitcoin cash, people made free money off it, by receiving free Bitcoin Cash coins. Similarly, people believe that a chain split will give them free coins that will be as successful as bitcoin cash. This expectation will continue to drive demand in Bitcoin Cash (BCH) and could see the value of this crypto rise significantly before the hard fork date. If its current rate of growth is anything to go by, then Bitcoin Cash (BCH) could blow past $1000 in the next few days.
- Binance and Coinbase are supporting this fork
Two of the largest exchanges in the world, Binance, and Coinbase are supporting this fork. Coinbase has stated that it will be suspending all bitcoin cash (BCH) transactions at 8 a.m. PST on the 15th, while Binance will suspend all deposits and withdraws one hour before the hard fork. Considering the volumes that these two exchanges drive in the crypto market, they are likely to pull in tremendous demand in Bitcoin Cash as the date approaches. FOMO is likely to peak just a few hours before the hard fork, and could push bitcoin cash way past its all-time highs.
- Bitcoin Cash (BCH) is already highly undervalued
Even without the whole chain split news, bitcoin cash (BCH) was already highly undervalued at $400. It has been trading way below its all-time highs, even though its rate of adoption in the market has increased significantly in the past one year. With bullish sentiment returning to the market, Bitcoin Cash it is one of the cryptos that were already beginning to draw in investors, taking positions in anticipation of a bull rally. Therefore, news of a possible split and the possibility of earning free coins has only added momentum to a crypto whose prospects were already looking up. A combination of positive fundamentals, a low price, and impending good news create the perfect storm that could push the value of BCH to over $1000 as the hard fork date approaches.
At the moment, Bitcoin Cash (BCH) is probably the lowest risk crypto to go long on. There is lots of money flowing in, that its likelihood of any major correction at this point is quite minimal. If anything it could enter into a bull rally that extends all the way to the end of the year.