Bitcoin Cash price is down by more than 3% after rallying by more than 7% yesterday. The BCH is trading at $506, which is slightly below this week’s high of $537. Other cryptocurrencies are also in the red today after the gains made yesterday. Their total market cap is slightly above the $1 trillion level. Bitcoin and Bitcoin SV prices are at $37,830 and $208.
What happened: Bitcoin Cash price is probably falling as investors react to a bearish report by Research Affiliates, a company that develops smart beta strategies with more than $145 billion. The report likened the recent rally in Bitcoin and other cryptocurrencies as a typical bubble that is driven by demand by institutional and retail investors.
The report also found that Bitcoin price was being manipulated by Tether, the dollar-backed stablecoin. Tether price is at $0.9981 and its market cap at $24 billion. This makes it the third-biggest crypto after BTC and ETH. Tether rejected those claims, saying:
“Multiple other researchers have found, using superior methodologies, that there is no causal relationship between the issuance of Tethers and market movements up or down.”
Eventful week: Like all cryptocurrencies, Bitcoin Cash has had an eventful week. After rallying hard during the weekend, the price tumbled to a multi week low of $402 on Monday. It has bounced back since then, pushing its price by more than 25%. Other cryptocurrencies have also rallied.
Bitcoin Cash Prediction
The four-hour chart shows that the Bitcoin cash price has been in a steady upward trend since Monday when it bottomed at about $402. It is between the ascending blue channel and the 25-day and 15-day simple moving averages.
Therefore, in my view, like I wrote in the Litecoin price prediction, I suspect that the price will continue rallying as bulls aim for the upper side of the channel at $600. This will possibly happen during the weekend.
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BCH price chart
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