In today’s article, we will be looking at some past price trends and market analysis in order to present you a Bitcoin Cash price prediction for November 2019.
Bitcoin Cash Overview
Bitcoin Cash was created in August 2017 from a Bitcoin fork, by Amaury Séchet, a former engineer at Facebook.
The fork was initially a protocol update, that was designed to increase the 1 MB block limit, to prevent blocks from piling up, and to lead to long transaction times. As such, BCH has a higher transaction processing capacity per second when compared to Bitcoin.
Out of all the many Bitcoin forks that took place, BCH is considered the topmost successful, ranking top 4 by market cap and being used as a payment method by many online merchants. Bitcoin Cash has a 24-hour volume of $2,404,250,583, and a market cap of $5,285,096,769.
Bitcoin Cash Price Prediction: Analysis
The last day of October saw Bitcoin cash opening at $290.40, with the coin peaking several times through the day, its highest value being $296.56, and the lowest $274.43. BCH closed the day at $284.48.
Bitcoin Cash opened November with a trading price of $284.49, which was also its highest value for the day. The coin maintained a downward trajectory throughout most of the day, recovering slightly towards the end, closing at $279.14.
November 2 opened at $279.22, with the coin steadily gaining over the day, reaching $290 levels and closing at $290.72. On November 3rd, Bitcoin Cash opened at $290.73 and tested briefly the $300 resistance level, peaking at $303.13, but then went back to $290- $280 support levels. BCH closed the day at $ 292.71.
Bitcoin Cash maintained a relatively stable movement on November 4th, with prices fluctuating between the $293 and $286 support levels.
Today, November 5th, Bitcoin Cash was trading at $292.05 USD, up 0.02%, with the following support and resistance levels:
- Resistance Level (R3): 300.906;
- Resistance Level (R2): 297.196;
- Resistance Level (R1): 294.486;
- Pivot Point: 290.776;
- Support Level (S1): 288.066;
- Support Level (S2): 284.356;
- Support Level (S3): 281.646.
The overall trend for BCH seems to point to a bullish movement. Based on correlation analysis, BTC and BCH have no relationship, as the correlation coefficient of their prices is -0.09. A negative coefficient means that BCH’s price is going in the opposite direction when Bitcoin is experiencing a drop or a surge.
In terms of positive developments, Bitcoin Cash was recently listed on Luno, a popular crypto exchange. It also seems that BCH’s popularity has been taking off in Japan.
Back in September, Bitcoin.com announced that it was developing a derivative for the cryptocurrency. That month, HTC’s Exodus smartphone also integrated support for Bitcoin Cash. This generated a small bullish trend in September, but there was not enough impulse to keep the momentum going. Also, in September, BCH experienced a soft fork update, which added the Schnorr signature.
The last quarter of the year has not brought many noticeable developments for Bitcoin Cash. Most of October, the coin has been trading sideways, without major price swings.
According to the Bitcoin Cash (BCH) resource page, there are over 70 applications or projects that are based on the BCH chain, such as third-party support and protocol development.
The most recent development to spark joy in BCH enthusiasts was that top telecom giant AT&T announced that they will now be supporting Bitcoin Cash payments through Bitpay integration.
AT&T is among the 10 Fortune 500 companies, which have a large global user base that is now accessible to BCH, that, in turn, could increase adoption rates significantly for the crypto.
Bitcoin Cash Price Prediction: Market Opinion for November 2019
Several crypto sites have made their own Bitcoin Cash price prediction for November 2019, and to offer you a better perspective on market sentiment, we decided to include a few of them below.
Dollarrupee predicts that BCH will be at the start of the month $283.89, with a maximum price of $391.20, while the minimum price will be at $271.32. The average price for the month is estimated at $328. The site expects the coin to end the month at a price of $365.59, change for November 28.8%.
The 30rates website features a Bitcoin Cash price prediction for every day of the month, along with the highest and lowest values of each particular day:
- November 6: minimum $270, maximum $310, and a closing price of 290 dollars;
- November 7: minimum $280, maximum $322, and a closing price of 301 dollars;
- November 8: minimum $275, maximum $317, and a closing price of 296 dollars;
- November 11: minimum $270, maximum $310, and a closing price of 290 dollars;
- November 12: minimum $270, maximum $310, and a closing price of 290 dollars;
- November 13: minimum $295, maximum $339, and a closing price of 317 dollars;
- November 14: minimum $299, maximum $343, and a closing price of 321 dollars;
- November 15: minimum $308, maximum $354, and a closing price of 331 dollars;
- November 18: minimum $300, maximum $346, and a closing price of 323 dollars;
- November 19: minimum $349, maximum $401, and a closing price of 375 dollars;
- November 20: minimum $352, maximum $406, and a closing price of 379 dollars;
- November 21: minimum $326, maximum $376, and a closing price of 351 dollars;
- November 22: minimum $318, maximum $366, and a closing price of 342 dollars;
- November 25: minimum $329, maximum $379, and a closing price of 354 dollars;
- November 26: minimum $347, maximum $399, and a closing price of 373 dollars;
- November 27: minimum $349, maximum $401, and a closing price of 375 dollars;
- November 28: minimum $336, maximum $386, and a closing price of 361 dollars;
- November 29: minimum $340, maximum $392, and a closing price of 366 dollars.
Longforecast predicted that BCH would start the month at $283. The site also estimated that the maximum value for the month would be $406, while the minimum value would be $270. They calculated that the average value for the month will be $331. The closing value for the month was forecasted at $366, with a change of 29.3%.
Cryptoground estimated that the coin would reach in one week $304.6550, change 5.56%, and in one month $293.1888, change 1.59%.
Digitalcoinprice’s prediction was that Bitcoin Cash would hit a price of $487.93 USD, change for November of 66.84 %.
Bitcoin Cash Price Prediction: Verdict
With this, we conclude our Bitcoin Cash price prediction for November 2019. We hope that the information we presented will be of help to you in your future BCH trading endeavors.
Featured image: Chainbits