Bitcoin Cash (BCH) Price Analysis: Doomed to Collapse?

Bitcoin Cash (BCH) Price Analysis: Doomed to Collapse?

Bitcoin Cash (BCH) has seen a brief recovery in recent weeks after its price was at a low point for more than a year. But a difficult chart structure could see BCH heading towards zero in the near future. Originally created as a fork of Bitcoin in 2017, BCH was the result of disagreements over the infamous BIP91 Segregated Witness (SegWit) upgrade.

The idea behind BCH was to enable larger blocks on the blockchain. Since then, BCH has become a cult altcoin. But since the turbulent end of the bull market in 2021, BCH has hit bottom. A dramatic -87% cascade saw BCH trading at around $90.

There was a brief recovery rally a few weeks ago when BCH rose 200%. But this recovery was short-lived. On June 1st, BCH peaked at $330. Since then, price action has worsened. Currently trading at $236.5, BCH has declined by -29% in just 20 days.

BCH has failed to find support from the ascending 20DMA and appears to be on a collision course towards the 200DMA at $140. The BCH indicators are also of little comfort. The RSI is at 48, suggesting further cooling is needed, and the MACD is signaling a bearish divergence at -10.

The outlook for BCH is bleak, with a possible downside risk of -36%. Analysts predict that BCH could soon head to zero as the risk-reward ratio stands at 0.74.

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