Bitcoin Cash (BCH) price has gained around 10 percent in the past 24 hours to trade around $250 on Monday, during the early London session. The veteran altcoin with more than 22 million non-zero addresses has experienced exponential growth since the calendar flipped in January bolstered by institutional investors. Moreover, the proof-of-work (PoW) powered altcoin has enjoyed regulatory clarity similar to Bitcoin due to its highly decentralized network and community.
How Far Can BCH Price Rally?
Since BCH’s price hit its all-time high (ATH), around $4,327 in December 2017, the altcoin has continued to consolidate in a descending triangle. Having established a solid support level around $89, BCH’s price is now well positioned to rally meteorically beyond its ATH. However, the altcoin is not likely to experience a parabolic rally before the Bitcoin halving, which is anticipated to happen during the first half of 2024.
Meanwhile, Bitcoin Cash price is likely to reach $762 in the coming weeks, as altcoins slowly steal the show from Bitcoin. Notably, the BCH price target is based on the established macro falling trend resistance, which could slow down the bulls. A break above this target will easily see BCH’s price reclaim the 2021 high of around $1,591.
The BCH network has enjoyed significant institutional support amid the mainstream adoption of digital assets. Worth noting that BCH has been included in the portfolio of top institutional investors like EDX Markets, GrayScale Investments, and PayPal among many others. Moreover, the altcoin has deep liquidity from the dozens of exchanges and DeFi offering it for trading, whereby BCH has an average 24-hour trading volume of around $406 million.