Investment in Bitcoin Cash in 2021

Bitcoin Cash is ranked among the top leading cryptocurrency by market capitalization according to Coingecko and other cryptocurrencies ranking platforms. Is it a good idea for investors to invest in Bitcoin Cash in 2021? To answer this question we have to look at how Bitcoin Cash performed in 2020.

Based on the price chart, Bitcoin Cash reached its local high price around $500 in Feb 2020. Bitcoin Cash has been up 153% since January 2019 when its price was $168 per unit. During the crypto black Thursday phenomenon in March, Bitcoin Cash price goes down to $150. Since then it stays in the support and resistance level of $200 -$300. Recently Bitcoin Cash price goes down after its hard fork. The price fell down from $255 to $240 which caused 5% decreased in the price.

So far, the BCH price prediction is leaning to a bullish sentiment; at least until the early months of 2021. In the month of November Bitcoin Cash has begun to show signs of life after a long consolidation period.

Through a macro perspective, the strong resistance levels successfully challenged by Bitcoin Cash bulls are at $320 and $340. Despite this, a conservative Bitcoin Cash price prediction for 2021 is $250. This is taking into consideration any sudden fluctuations in the market. On the other hand, the result of the recent hard fork may further affect the BCH price in the long run. Hence, the bullish Bitcoin Cash price prediction for 2021 is $400.