Bitcoin Cash is aggressively trending downwards in today’s trading session. Currently, it is down by 13 per cent. The prices are also looking highly likely to continue with the aggressive bearish trend throughout the session.
Why is Bitcoin Cash crashing?
The wider global climate is being attributed by experts to the current Bitcoin Cash crash, and by extension, the cryptocurrency industry. There is a real fear of recession, and the rising inflation and living costs have continued to bite investors, big and small. The stock markets have also continued to plummet. All these factors have created chaos, and investors are starting to become fearful.
As a result of these factors, investors have been left with little money to invest in the cryptocurrency industry. Even those with investments in the crypto industry have been forced to sell off their holdings and divest their money into less risky asset classes.
Also, the events of last month are still fresh in many investors’ minds. When Terra Luna and UST collapsed, wiping billions of dollars of investors’ money within a span of two days, it sent shockwaves to the entire cryptocurrency industry. During that time, the results were drastic and the response was quick, which resulted in a cryptocurrency crash.
Since then, most cryptocurrencies have been trying to recover. However, investors have become more fearful of putting their money into cryptocurrency projects, with some selling off their assets to avoid further losses. Bitcoin Cash, which derives its value from desirability, has continued to lose value as more investors sell off their BCH holdings.
Bitcoin Cash Price Prediction
My Bitcoin cash price prediction expects the prices to continue dropping throughout the session. There is a high likelihood that we may see prices close the market today at an even lower price level. In the next few trading sessions, there is a high likelihood that we will see the Bitcoin Cash price trading below the $100 price level.
My bearish trend prediction will only be invalidated if the prices reverse and trade above the $130 price level. At that point, it will be very clear that the trend has reversed to the upside.