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Bitcoin Cash, or BCH, entered the market after the original BTC network executed a hard fork. Launched in 2017, BCH is one of the most popular cryptocurrencies in the market.
The coin was introduced to resolve scalability issues while elevating transaction speed. BCH also provided a gateway for investors to buy a BTC-affiliated coin at a cheaper cost. Currently ranked 18, BCH is ready to make giant strides in the market with its upcoming halving process.
Since this will be the second time BCH will undergo halving, the market is expecting massive changes after the process. Let’s figure out how Bitcoin Cash halving will affect the BCH token.
What is a Halving?
Halving in cryptocurrencies refers to decreasing the quantity of new coins entering the network. The process is used by cryptocurrencies based on the PoW (Proof-of-Work) mechanism.
Such networks take help from miners to mine new coins. The reward is reduced after every halving process occurs after 210,000 blocks or four years. For Bitcoin Cash, the halving was placed at 840,000 blocks, of which 811,503 have already been achieved.
According to estimates, the remaining 28,497 blocks will take approximately 200 days, meaning BCH will undergo halving in April 2024.
Factors Influencing BCH Price After a Halving
Since Bitcoin Cash will undergo a halving process again, the coin is set for big changes.
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Based on market sentiment, BCH is expected to encounter a bullish pattern. Halving events have primarily been associated with bull markets and massive price increases. Although this trend does not appear instantly, a reduced supply of coins yields better results in the long run.
Another factor to account for will be miners’ behavior. Since halving will reduce their rewards, many less effective miners will likely leave BCH mining. It will also decrease the activity on the network for a bit. However, similar to the reduced supply, the move will fetch better outcomes after a while.
The price of close competitors, such as Cardano, Ripple, Bitcoin, Ethereum, etc., will also play a major role in defining BCH’s market value. Traders associate the movement of close competitors simultaneously. Thus, if the mentioned coins do well, it will help BCH do better in the market as well.
Moreover, the halving process generates media coverage, which can attract new investors while uplifting market sentiment. But how high will Bitcoin Cash go after halving? Let’s find out.
Potential Scenarios After BCH Halving
Will Bitcoin Cash go up again? BCH is trading at $215.13, a 1.17% dip in the past 24 hours. The coin has gained 12.73% value in the past month and a whopping 80.80% gain in the past year.
BCH is among the few coins bonding well with the downward crypto spiral. According to our Bitcoin Cash halving prediction, BCH will end the year at $458. The coin is expected to reach $749.21 in 2025 and $2350 by the time 2030 ends.
Expert Opinions and Price Predictions
Let’s try to answer the question, “Will BCH rise again?”. As stated, BCH is among the few coins gaining value under the current crypto market conditions. However, the coin is still trading 95% below its all-time high of $4,355.
Even then, expert analysts such as Digital Coin Price see BCH reaching as high as $418 before 2023 ends. Crypto Predictions have relatively average expectations from the coin, seeing it at $237 before 2023 ends.
On the other hand, Trading Education and GOV Capital see BCH trading at $172 and $120, respectively, before 2023 ends.
Conclusion
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Seeing how BCH has been gradually gaining value, traders are eyeing the coin as a potential front-runner in 2024 and ahead. With Bitcoin Cash set to undergo halving in the 2024 first half, the coin has even better chances of gaining significant market value.
Halving and BCH have a positive relationship as the biggest crypto in the world registered its all-time high only months after its most recent halving. Traders expect BCH to register a similar trend leading up to halving and weeks after the execution.
