Why Is This Altcoin, Bitcoin’s Brother, Rising? What’s the Next Goal? Analyst Commented!

The rise in cryptocurrencies, which started 2023 well, continues.

Raised over $19,000 for the first time since FTX’s bankruptcy Bitcoin (BTC) like altcoinincreases are also observed.

One of these altcoins Bitcoin Cash (BCH) it happened. But there is another catalyst for Bitcoin Cash’s rise.

Analysts said the price of BCH has risen nearly 6.61% in the last 24 hours as traders signal potential network changes ahead of the protocol’s May hard fork.

BCH Analysts, who stated that there is a buying interest in the fork before the hard fork, said:

“Bitcoin Cash rallied as high as $125, breaking the key resistance level of $108 on Friday.

The increased buying interest of traders could feed a move towards at least $150 where the next level of resistance is found.”

Evaluating the rise in BCH Andrew Kang, founder of Mechanism CapitalHe stated that with BCH prices generally bottoming out, developments in BCH set the stage for a price increase in the coming weeks.

“BCH charts look insanely bottomed and ready for action,” said Kang, listing the reasons that laid the groundwork for BCH’s rise:

“BCH charts look insanely bottomed and ready for action.

– Most BCH whales (Ver, Cihan) either surrendered or remained dormant.

– May 2023 will experience the biggest network upgrade/hardfork in years.”

$BCH

– Charts look insanely bottomed and ready for impulse
– Most BCH whales (Ver, Jihan) either capitulated or inactive
– Biggest network upgrade/hardfork in years in May 2023 (more efficient smart contracts, L2 capabilities)https://t.co/sqb2gtE1tS pic.twitter.com/ESaslrDfHv

— Andrew Kang (@Rewkang) January 12, 2023

Bitcoin CashOther key factors that could fuel the price rise of Bitcoin Cash include the launch of Bitcoin Cash in March 2023 in St. It also includes becoming a legal tender in Kitts and Nevis. The plan for BCH to become a legal tender is still unconfirmed, but it is likely to be approved.

that pins close to $130 Bitcoin Cash Although it returns some of its gains, it continues to be traded at 118 dollars at the time of writing, with a 20% increase in the last 7 days.

*Not investment advice.