Bitcoin Cash Price Soars 21% — Can the Momentum Continue?
Highlights
- BCH price surged 21% in the past 24 hours, marking a significant rally.
- Rally likely driven by strong fundamentals, though questions remain about its long-term sustainability.
- Trading volume and open interest for BCH have hit peak levels, indicating heightened market activity.
Bitcoin Cash Price Soars Over 21% Amid Strong Fundamentals, But Can the Rally Last?
Bitcoin Cash (BCH) has surged by more than 21% in the past 24 hours, driven by a wave of bullish fundamentals. Despite growing skepticism around the sustainability of the rally, crypto analyst Javon Marks believes this may just be the beginning of a much larger uptrend.
Bitcoin Cash Rallies 21% as Market Activity Spikes
According to CoinMarketCap, BCH climbed to a high of $376.79 on the back of a 21% daily gain. This dramatic rise also pushed trading volumes to $373 million, representing a 50% increase compared to the previous day.
The surge appears to be supported by strong on-chain metrics. One of the most significant drivers is the growth in BCH derivatives activity, with Open Interest rising by 8.76%. This indicates increased participation and confidence in the market.
Additionally, daily active addresses on the Bitcoin Cash network jumped 5.7%, making BCH the top performer among the top 20 cryptocurrencies by market capitalization in terms of user activity.
Another positive signal is the uptick in BCH exchange outflows, suggesting more investors are moving their tokens off trading platforms—typically a bullish indicator reflecting long-term holding behavior.
However, despite these encouraging metrics, doubts persist about whether BCH can maintain its momentum. Since the 21% surge, the price has slightly corrected to around $372, prompting investors to watch closely for signs of a deeper pullback.
Javon Marks Forecasts a 300% Rally for BCH
Crypto analyst Javon Marks remains bullish. In a recent post on X (formerly Twitter), Marks described the rally as an early “sign of recovery” and predicted a potential 300% price increase for BCH.
He bases this forecast on BCH’s break above a descending trendline, combined with soaring volume and on-chain activity. Marks believes Bitcoin Cash could climb as high as $1,509—a 301% increase from its current level.
“With prices also still being broken out, this surge can be part of an over 300% uphill run to the $1,509.89 target,” he wrote.
Marks previously made a similar prediction for Cardano, citing technical patterns and growing long-term holder behavior.
Crypto Market Mixed as Bitcoin Cash Outperforms
While Bitcoin Cash has stolen the spotlight, the broader crypto market remained relatively flat, with total market capitalization slipping 0.54% to just under $3 trillion. Meanwhile, Bitcoin is eyeing a breakout past $94,200, which could push it toward a $106,000 target.
