Bitcoin Cash [BCH] built on the bullish momentum in the market, as the coin surged to a price valuation of $162.06. The coin witnessed a significant growth rate of 7.61% over the last 24 hours, against the US dollar. The market capitalization, at press time, was $2.86 billion, and the trading volume recorded over the last 24 hours was around $475 million.
Huobi Global exchange handled the highest amount of trade for the coin and contributed to 6.59% of the collective trading volume, via the trading pair BCH/USDT.
The 1-hour chart for the token witnessed a massive bull run, as the token underwent multiple uptrends. One of the uptrends extended from $133.9 to $157.20 and was followed by a price hike which stretched the valuation from $155.70 to $163.40. The resistance line, at press time, was marked at $163.60.
The Bollinger Bands indicator suggested a volatile period for the coin as the lines were diverging from each other.
The Relative Strength Index or RSI indicated that the selling and buying pressures evened each other out in the market.
The MACD line demonstrated a bullish run for the coin as the blue line hovered over the red line. However, the MACD line and signal line remained in close proximity, indicating a probable change in trend.
The 1-day chart witnessed a recovery of losses for the token since the valuation went down significantly at the end of last year. The downtrend was from $194.70 to $120.50, but the token recovered after an uptrend from $120.20 to 153.10.
The Parabolic SAR indicated a bullish run as the dotted markers were found under the candlesticks.
The MACD line indicator remained bullish as the blue line was found over the red line in the chart.
The Fisher Transform followed suit, with the indicator giving the upper hand to the bull.
At press time, BCH had consolidated its price valuation in the market, and was set to continue on with its bullish momentum. The long term chart indicated a steady price hike for the coin, as the short term chart remained fairly bullish as well.
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Bitcoin [BTC] Halving: CoinMetrics pegs top-crypto to rise above $20,000 peak in late-2021
With a year left for the highly anticipated Bitcoin [BTC] halving, many expect the price of the top-cryptocurrency to surge prior to May 2020. Analysts have previously opined that three months to one year before the halving does the price of the cryptocurrency move up.
A new piece of research from the cryptocurrency analytics firm, CoinMetrics, suggested that in addition to the precursor pump, Bitcoin [BTC] will reach its “local peak” 18 months after the halving.
CoinMetrics charts the price of the top coin, divided based on the 2012 and 2016 halving, showing a noticeable trend. A little more than a year after the first halving when the 210,001 block was mined, the price of Bitcoin surged above $1,000 for the first time, in December 2013 to be precise.
Next, During the July 2016 halving, the coin was trading at just above $600 and within the suggested period of 18 months, the top virtual currency saw its second peak. On 17 December, the coin reached a never-before-seen high of over $19,700 as the Chicago Futures exchanges embraced the digital assets market.
With the price of Bitcoin over $5,000 for the first time in over four months, and the precursor halving bulls on the horizon, the price could surge. Furthermore, based on CoinMetrics’ inference, Bitcoin will see its third peak, higher than $20,000, by the close of 2021, eighteen months after the May 2020 halving.
The halving protocol was placed in the original whitepaper to thwart inflationary pressure that would arise with more blocks mined and more Bitcoins supplied. Historical charts prove that this objective has been adhered to, with a constant drop in the inflation rate with the two previous halvings.
In 2012, the inflation was over 25 percent and immediately after the miner reward reduction to 25 BTC per block, it dropped to under 15 percent. A bracket between 7 percent and just under 20 percent sustained until the second halving in July 2016.
The second halving saw a decline in inflation rate to under 5 percent for the first time in the coin’s history, which has been maintained till today. CoinMetrics pegs the inflation, at press time, to be 3.8 percent. Furthermore, if the historic trend continues, the inflation rate would drop by more than 50 percent to 1.8 percent in May 2020.
Based on the current market and using a historical outlook, analysts suggested that 2019 will be the year of building the industry while the price effect will manifest next year, with the halving being at the very core. Many believe that institutional interest on the rise and the growing crypto-adoption surge could result in a bullish 2020.
Charlie Lee, BTCC’s co-founder suggested in December 2018 that Bitcoin’s next rally will begin in “late 2020”, months after the halving and would peak in December 2021 at 333,000. However, the precursor to this rise would be a January 2019 bottom of $2,500 which did not materialize.
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