Bitcoin Cash (BCH) Price Prediction: BCH Price Could Note Recovery Over the Next Couple of Trading Sessions

Bitcoin Cash's (BCH) price could note recovery over the next couple of trading sessions if the investors support it. The cues seem to suggest recovery for BCH

Bitcoin Cash’s (BCH) price seems poised for a recovery over the next couple of trading sessions.

The cues appear to suggest the possibility of a recovery for BCH, considering that accumulation and HODLing are observed to be prominent.

Bitcoin Cash Investors Are Bullish

Bitcoin Cash’s price could be seen rallying based on investors’ behavior as well as the broader market cues. The first hint comes from the distribution of active addresses by profitability. It can be noted that investors in profit are not very active at the moment.

Their participation only dominates 6% of the total active addresses. This serves as a bullish indication since it means that the majority of the investors are underwater and are less likely to sell their holdings.

Considering that more than 75% of BCH holders are currently in profit, it is a significant point to note that very few are looking to book profits.

This could aid the price should the investors move to accumulate, as signaled in the Market Value to Realized Value (MVRV) ratio.

The MVRV ratio assesses investor profit and loss. At the moment, Bitcoin Cash’s 30-day MVRV stands at -16%, which points towards losses and might be instilling buying pressure.

Historically, BCH MVRV between -9% and -25% has usually signaled the beginning of recovery rallies, presenting an opportunity zone for accumulation.

Thus, if BCH holders move to add more tokens to their wallets, the Bitcoin namesake could rally.

BCH Price Prediction: Looking At A Recovery

Bitcoin Cash’s price is currently at $392 and could close above $400 over the coming days. But in order to secure a recovery rally, the altcoin would need to close above $420 or $430.

This is possible should the investors continue to HODL and accumulate at the same time. The target price stands at $440 for BCH however, this could take some time.

If securing $400 as a support floor fails, Bitcoin Cash’s price could end up falling back to $379. Losing this support would invalidate the bullish thesis, sending BCH to $360.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-cash-bch-price-prediction-bch-price-note-recovery-couple-trading-sessions.html

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