Due to a major development on the crypto Twitter, Bitcoin Cash (BCH) price is once again in the making headlines. The coin is 93.6% down from its 2017 all-time high. In the past few years, the digital asset has underperformed its older sibling, i.e., BTC.
BCH crypto tumbled 1% on Tuesday and traded at $241 at press time. The negative price action of the Bitcoin fork came on a day when the Bitcoin price gained 0.49%. The rising Bitcoin dominance suggests that the risk appetite of investors has decreased in the past few weeks.
BCH Crypto Analysis As Satoshi Tweets
On Monday, a Twitter account with the username Satoshi tweeted for the first time since 2018. The tweet went viral immediately across the whole crypto Twitter. The tweet said that in the coming months, new aspects would be explored that were not even a part of the Bitcoin Whitepaper.
The tweet got more than 5 million impressions. While many people speculated the account to be of the real Satoshi Nakamoto, most linked it to Craig Wright, an Australian computer scientist who claims to be Satoshi. Bitcoin Cash price surged 5.76% on Monday, but the gains were lost as the Bitcoin price dipped close to the end of the trading session.
Bitcoin Cash Daily Chart
Bitcoin Cash Price Prediction
The above-mentioned technical analysis shows that BCH price is struggling to break above the key resistance level of $250. Although the price has broken out of the downward trendline, it is yet to make a higher low on the daily timeframe since June.
A daily close above $250 will make Bitcoin Cash price prediction very bullish. In this case, a retest of the June highs around $329 will be the first bullish price target. However, such a move is only possible if the Bitcoin price breaks above $28,000.