Bear Trend Pulls Bitcoin Cash (BCH) under $100, but How Far Will It Go?
Bitcoin Cash (BCH) fell off a cliff this morning, along with many other cryptocurrencies. The BCH rate went from $100.81 (BCH/USD) to $96, a drop of 4.7%. That wouldn’t be a huge problem for this crypto except that the drop was sudden and sharp, very different from its recent activity.
We saw a drop similar to this across the board for the cryptocurrency market, so Bitcoin Cash is just reacting to what the rest of the market is doing, particularly the major cryptos.
How has BCH Been Performing Lately?
Over the past 7 days, Bitcoin Cash has fallen from $109.57 to its current price of $99.77. This has been a mostly gradual and steady drop, with a couple of sharp downward movements to punctuate the progress.
The long view is no better for this crypto. We have seen a similar progression over the last three months. At the beginning of that period, Bitcoin Cash’s rate was at $337.42. The gradual decline since then has had few positive moments. There has simply been along overarching bear trend all the way through. The few little spikes upward here and there have not been sustained and have barely slowed down the inevitable decline.
The early months of the year were more promising, with sustained high notes. We are not there any longer, though, and in recent months we have just been seeing the rate drop steadily.
Will Bitcoin Cash Continue to Drop?
After the initial drop this morning, the BCH rate did bounce back somewhat. It did not make a full recovery, but the price rose back to $99.77, where it is at the time of this writing. That makes the drop over the last 24 hours only a minor 0.33%, which is hardly anything to take note of.
However, the major plummet is serious business and not something investors should overlook. Those kinds of sharp drops can happen at any time, and the fact that we are not seeing similar price spikes in the other direction bodes poorly for the entire crypto market.
How far is Bitcoin Cash going to drop? That’s anyone’s guess at this point, but we expect to see a continued decline over the next few days. The price is not likely to hold close to $100, and Bitcoin Cash is not showing any greater signs of strength and an ability to hold onto its gains than any of the other major crypto coins.
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