Bitcoin's severed limb is now wiggling around on the ground... Current MC: $5.5B and somehow growing???
It appears that the son (BCH) is coming back with a vengeance after its daddy (BTC) as the Market cap has grown substantially over the last 24+ hours. BitcoinCash saw a low of $190 on Bitfinex and then rebounded very quickly to $370 today somehow! Investors were wary the past several days as the price was still finding it's bottom point.
In the all-time chart you will see a rollercoaster of a ride from $690 all the way down to $190 and then back up a little only to settle in around $330 for now. It will be a test to see if the $300 levels will be broken again and if they hold strong we will be setting up for a run back to $430-485 in the near term. Don't expect these prices to hold because in roughly a week Poloniex plans to release their stores of BCH to the customers who held BTC on their exchange on August 1st. In addition to the pressure from the hold outs who had tokens on cold storage we will see a downward pressure over the coming week to keep the prices in check.
Today we are looking to find that next support level and if we hold steady then expect more money to flow into BCH. We could see $400+ BitcoinCash by tomorrow if there is another spike in price.
Likely Scenarios:
- BCH drops down to $250-260 and then pulls back to $300 levels
- BCH holds around $300-330 poised to jump over $400 by tomorrow
- BCH gets more volume and support to jump up to $430-480 by the end of the night
TLDR Version:
Even a dead cat bounces one or twice but it might not get back up after that. Be very careful investing in BitcoinCash as the volatility is extremely high right now and the price just jumped from $200 to $370 in a day. If you are feeling the FOMO check out my article here: @hotsauceislethal/how-to-conquer-fomo-fear-of-missing-out.
Price Target:
$250