Bitcoin Cash Price Forecast: BCH to hit $1000 after Halving?

Bitcoin Cash (BCH) price has managed to stay above $600 mark despite the global crypto market downturn. On-chain data analysis explores how miners and active traders have positoned their ahead of the next BCH Halving event slated for April 4.

Will BCH price skyrocket toward $1,000 or reverse below $500 after the Halving?

Bitcoin Cash Hit 3-year Peak ahead of Halving

Bitcoin Cash’s next Halving is slated for April 4, 2024, and investors within the ecosystem have been spotted placing strategic bets to front-run possible impacts of the landmark network event.

On April 1 BCH price reached a 3-year peak of $701 representing a 51% growth over the last 14-days.

While the global crypto market downturn has triggered a 12% pull back towards $612 at the time of writing on April 3, but BCH on-chain data trends shows that miners ant active traders are pining for more upside after the Bitcoin Cash Halving.

Despite 12% Pullback, BCH Miners have accumulated $24 million in 72-hours

To date, Bitcoin Cash has only had one halving event which took place back on April 8, 2020. While the halving should have coincided with that of Bitcoin (BTC), it did not – this was due to the fact that BCH had deployed a different mining algorithm for some time right after its launch in 2017.

Bitcoin Cash’s 2nd halving event slated for now April 4 2024, 16-days ahead of Bitcoin (BTC) halving, and is set to cut miners rewards from 6.25 BCH to 3.125 BCH.

BCH miners entered a selling-spree weeks ago, taking advantage of the parabolic pre-halving price rally to lock in profits before the halving. But interestingly, with the halving due to be executed in 24-hours, the miners have eased up the selling pressure significantly.

In fact, IntoTheBlock’ miner reserves chart below shows that Bitcoin Cash miners have accumulated over 40,000 BCH in last 72-hours, dating back to March 29.

As depicted in the chart above, the miners had depleted their holdings to a 5-year low of 6.15 million BCH at the close of March 28. But the latest data shows they have increased their balance by 40,000 coins to hit 6.19 million BCH at the close of April 2.

When valued at the current prices, the newly-acquired 40,000 BCH coins are worth approximately $24.2 million.

Accumulating such a large number of tokens, days before halving suggests that majority of the miners are anticipating further price upside after the landmark network event.

If other strategic investors could take a cue from the miners’ bullish disposition in the days ahead, Bitcoin Cash price could avoid a post-halving crash below $500.

Bitcoin Cash (BCH) price forecast: $1,000 retest after Halving?

Bitcoin Cash miners’ $242 million accumulation between March 29 and April 3 could raise investor optimism and drive BCH price towards $1,000 after the April 4 Halving event.

IntoTheBlock’s Exchange Order Books chart also affirms this bullish Bitcoin Cash price forecast. The chart sums up the total BCH buy-orders and sell-orders for an asset across 15 leading crypto exchanges.

As things stand on April 3, the bulls have placed to buy 175,000 BCH. Meanwhile, there are only 168,000 active sell-orders around the current prices.

Given than market demand has now outpaced supply by over 7,000 BCH orders, Bitcoin Cash bulls could push price upwards in the days ahead. However, as seen above the 29,970 BCH sell orders places at the $640 territory could pose strong  initial resistance.

But if the bulls can stage a decisive breakout above the previous local top at $701, another parabolic rally towards $1,000 could be on the cards.

However, on the flip side, if the perennial post-halving sell-off rears its head, Bitcoin Cash price could tumble below $400.