Will Bitcoin Cash Reach $1,000 in 2021?
Will Bitcoin Cash reach $1000 in 2021? We get this question a lot from some of our readers. So we decided to write this article and give our view on the question.
Right now, Bitcoin Cash is worth over $660 per coin, and it has made a positive return of 15.14% this year so far, it's 15th in the market cap table with a total market cap of $12.5 billion.
This is a bit above the level Bitcoin Cash was trading at last year around this time.
In our opinion, Bitcoin Cash has two major drawbacks that might prevent it from reaching $1000 dollars by 2021.
The first issue is how it is divided into BCHABC and BCHSV, which could affect its price negatively. - The second issue we see in Bitcoin Cash is that it lost 20% of its user base and hash power.
As you know, Bitcoin Cash has two main cryptocurrency networks, which have split into different projects after a disagreement about the future of the currency.
One of these is Bitcoincash ABC (BCHABC), and the other is Bitcoincash SV (BCHSV). The first one of these does not have any issue, but the second project has always had some controversy.
So far, it seems like BCHSV has more support from miners. Miners are a vital part of cryptocurrencies as they provide computing power to secure cryptocurrency networks and process transactions. That means that Bitcoin Cash lacks the support it had last year in terms of hash power and users as well.
Taking this into account, we can conclude that based on our analysis, Bitcoin Cash has a good probability of reaching $1000 dollars by 2021, but it needs to solve its internal issues before doing so.
Bitcoin Cash Current Price
At the time of writing, Bitcoin Cash is worth around $663, according to CoinMarketCap. It has a market cap of 12.5 billion and is currently ranked number 15 in the market.
This is a plausible improvement when compared to where the coin was last year. However, according to price history, the current price is about 84.77% lower than its peak value of $4,355 on December 20th, 2017. This is obviously a steep drop.
However, BCH has had a promising rebound in 2021 and is currently giving bearish signals. It started the year at around $450 per coin, then went as high as $1,4200 in early May.
Most cryptocurrencies dropped in May during the culmination of the bear market that started in late 2020. Bitcoin Cash was not left behind. By mid-July 2021, it had gone down to below $440.
Bitcoin Cash seems to have encountered a slight resistance at the $600 level but might break out if it encounters the right catalysts or another bull market.
So, Will Bitcoin Cash (BCH) Reach $1,000 Dollars?
There is no straightforward answer to this question. There are many factors that influence Bitcoin Cash prices. Some of these factors can be positive, and some of them are negative.
We have seen Bitcoin Cash price increase 15% recently, but there are other cryptocurrencies that had even greater returns than that. For example, Stellar has increased over 200%. The cryptocurrency market is very volatile, and it is difficult to predict what will happen with prices in the future.
In our opinion, there are two major factors that can make Bitcoin Cash hit $1000 dollars by 2021:
The first factor is how it is divided into BCHABC and BCHSV. This could affect its price negatively if these projects continue to exist without a common goal and clear leadership.
The second factor we see in Bitcoin Cash is that it lost 20% of its user base and hash power. This is a problem that will probably continue to haunt Bitcoin Cash until it regains all its users.
We think that these two factors can make the price of Bitcoin Cash go up as long as they are solved.
Other factors that can affect the price growth of BCH include:
- Institutional investors entering the cryptocurrency markets and trading coins such as Bitcoin Cash
- Improved payment systems and infrastructure for cryptocurrencies, especially PAYPAL backing Bitcoin Cash
- The increased number of industries that accept cryptocurrencies such as BCH.
Also, if Bitcoin Cash encounters another bull market, it has an immense amount of room to gain in price due to its low market cap. For example, if Bitcoin Cash reached the total market cap of $20 billion dollars as Bitcoin (BTC), it would be worth around $5,000 per coin.
Based on the price predictions we have seen, there are varied opinions when it comes to when Bitcoin Cash will reach $1,000.
According to Long Forecast, BCH might hit $1,000 in June 2022, while Coin Price Forecast predicts that we might have to wait until early 2023.
On the other hand, Wallet Investor seems more optimistic and predicts that Bitcoin Cash will reach $1,000 in mid-December 2021.
Read Also: Pros and Cons of Investing in Bitcoin Cash
Will Bitcoin Cash Eventually Reach $10,000?
For now, Bitcoin Cash has a long way to go before reaching $10,000.
The cryptocurrency market is very volatile, and we expect prices to change up and down in the future. For example, you can see that Bitcoin Cash was worth more than $4,500 per coin on December 20th 2017, but today it is worth $664.
You can see Bitcoin Cash is a volatile cryptocurrency and so it could be worth anything in the future.
The $10,000 might eventually come, but we don’t recommend looking forward to it any time soon. We are talking about 15 to 25 years which might not be worth your patience.
What Will Bitcoin Cash (BCH) Be Worth In 2025 Years?
If Bitcoin Cash solidifies its position as a dominant cryptocurrency, then we can see it having around the same market share as Bitcoin (BTC) has right now. That would probably make this crypto worth around $2,500 by the end of 2025.
However, if other cryptocurrencies overtake Bitcoin Cash and become more popular, then Bitcoin Cash prices could stay around $1,000 dollars in the next five years.
Although it is difficult to predict the price of Bitcoin Cash in the future due to all these factors, we think that its prices will go up as long as its issues are solved.
According to Wallet Investor, BCH will be worth around $2,236 by the end of 2025.
Check Out: Will Bitcoin Cash Make Me Rich in 10 Years?
Conclusion: Will Bitcoin Cash Reach $1,000?
Despite the fact that BCH has been experiencing strong fluctuations, we believe that it is extremely likely to reach $1000 by early or mid-next year. We have seen a big rise in market capitalization and price during the recent weeks. The cryptocurrency has already reached record prices on some exchanges, and despite its recent pullback, it might be preparing for an uptrend.
During November, Bitcoin Cash has gained over 200% in just 30 days. With its current price of $664 and a market cap of $12.5 billion, the experts believe that it can reach up to $1000 soon enough. There are various factors that have led to this rise in price and market cap of Bitcoin Cash, such as its increased block size limit, support from major exchanges, and continued security of transactions.
We recommend doing your own research before putting anything on BCH. Also, never invest more than you can afford to lose.
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