Bitcoin Cash (BCH) price continues to trade in a narrow range over the last couple of days after hitting its three months high last week. The broader market selloff and trader profit taking strategy are hindering the BCH bull run. Its price rose from $600 at the beginning of this month to $1,550 on April 24. The stunning bull run of more than 100% in the fourth largest coin created a strong selling opportunity for the short-term investors.
BCH remained range-bound last week, and it was up only 1% last week. The coin traded above $1,400 level during the weekend before losing momentum in Monday trading. BCH coin trades around $1,380 today.
Source Image: coinmarketcap.com
Market pundits, however, are seeing the resumption of the bull-run in the days to come. Their optimism in bitcoin cash is due to increasing adaptation, the potential infrastructure upgrade and the soaring trader’s confidence in cryptocurrency markets.
“BCH is building all the tools to make it useful as cash for the entire world. And that’s why we are seeing merchant uptake around the world”, analysts say.
Technical analysts also see the positive price movement for BCH in the short-term. They expect bitcoin cash to resume the uptrend after a short price correction. The upcoming hard fork event could be among the most significant catalyst for its uptrend, which will improve its block code from 8MB to 32MB.
The potential decline in Bitcoin Cash supply could also be yet another factor that could add to its potential bull-run. Antpool, the Chinese bitcoin mining giant, has recently publicized to burn a portion of the coins that they are receiving against solving the complete mathematical puzzles.
“Antpool has burned $12 worth of Bitcoin Cash a day,” said Kyle Samani, managing partner at the Austin, Texas-based crypto hedge fund Multicoin Capital. “This was purely a PR game so they could say ‘reducing supply’.”
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