Quick take:
Renowned internet entrepreneur and the creator of MegaUpload, Kim Dotcom, has forecasted that the value of Bitcoin Cash (BCH) could go as high as $3,000 by next year. According to Mr. Dotcom, Bitcoin Cash is great for payments when compared to Bitcoin which is regarded as a store of value
. Furthermore, more vendors will start accepting crypto and Bitcoin Cash (BCH) is best placed to fill this niche due to its low fees and faster transactions when compared to Bitcoin.Kim Dotcom’s comments on Bitcoin Cash (BCH) were made via the following tweet.
A quick glance at the Bitcoin Cash chart reveals that BCH has experienced an impressive pump today, December 20th. Earlier today, Bitcoin Cash was trading at $315 before pumping hard to a local high of $367. This is a 16.5% increment in less than 24 hours.
With this move, Bitcoin Cash has printed what looks like a double-top as seen in the daily BCH/USDT chart below.
However, Bitcoin Cash (BCH) could be gearing up for another push higher due to the following.
Popular internet entrepreneur, Kim Dotcom, has forecasted that Bitcoin Cash (BCH) could be valued at $3,000 next year. His analysis is based on increased crypto adoption that will lead to vendors preferring cheaper and faster transactions via BCH than Bitcoin.
From a Technical analysis point of view, Bitcoin Cash has had an impressive 16.5% increment in less than 24 hours and is looking to capture the $400 price area in the days to follow.
However, as with all analyses of altcoins, the future of Bitcoin Cash in the crypto markets is very much tied to that of Bitcoin. If the King of Crypto is stable, BCH could thrive. But if Bitcoin experiences extreme volatility in either direction, Bitcoin Cash will most likely experience a dip.