The Bitcoin Cash Priceis rising ahead of the closely-watched Coinbase direct listing at the Nasdaq. The BCH is trading at $684, which is more than 5% above the lowest level yesterday. Its market value has surged to more than $12.6 billion.
Bitcoin Cash news: This week, all eyes will be in New York, where Coinbase, the leading exchange will go public. It will mark the first time that a company of this size has gone public. If the rollout is positive, the impact on digital currencies could be substantial.
The BCH price is also rising ahead of the important consumer price index (CPI) data from the United States. The CPI is an important measure of inflation. Therefore, if the CPI comes out higher than the expected 2.5%, it will have an impact on the bond market and the US dollar.
Bond yields and the US dollar will rise as investors raise their anticipation of higher interest rates. This will be bad for Bitcoin cash and other digital currencies. On the other hand, if the CPI comes out lower than expected, it could boost cryptocurrency prices because it will mean that the Fed will wait longer before it hikes rates. Most importantly, the BCH price could also break out if the bigger BTC breaks out, as I predicted before.
Bitcoin Cash price prediction
On the four-hour chart, we see that the BCH price has been on an upward trend in the past few weeks. It has jumped by more than 50% from its lowest level on March 24. While the price dropped yesterday, it has pared back some of those losses and is approaching its YTD high of $715. The price is also slightly above the ascending trendline that is shown in green. It is also slightly above the 25-day moving average.
Therefore, in my view, the price will likely keep rising as bulls target the YTD high of $715, which is about 6% above the current price. On the flip side, a drop below the ascending trendline will invalidate this trend.