BCH Price to Collapse Even Further, Analyst Suggests
If you haven’t opened Blockfolio or CoinMarketCap today, you’re in for a bit of a harrowing surprise.
Over the past 48 hours, Bitcoin (BTC) has lost all semblance of a bull trend, failing to react positively to the launch of the much-ballyhooed Bakkt Bitcoin futures contracts.
Altcoins, too, have taken a beating. The average non-BTC crypto asset is down around 15% in the past 24 hours. Ethereum, for instance, has collapsed to $168, posting a 17% loss on the day; Bitcoin Cash, EOS, Bitcoin Satoshi Vision, and Tron have fared even worse, shedding 20% of their value in a day’s time.
While altcoins already are faring worse than the market leader, one leading analyst is expecting for BCH to collapse even further.
In a tweet posted to the collapse, legendary commodities trader Peter Brandt posted the below chart on Twitter, attaching the message “BCH target is $127.5”.
In his chart, the American analyst pointed out that BCH had collapsed through the support of a head and shoulders uptrend that began in May, implying bears are in control. Brandt’s target is 45% lower than the current Bitcoin Cash price of $226.
$BCH target is 127.50. pic.twitter.com/NX0yPtTyHf
— Peter Brandt (@PeterLBrandt) September 24, 2019
While Brandt’s target is most likely backed by technicals, it is important to note that the commodities trader is a staunch altcoin critic. Brandt has said on multiple occasions that he expects for 99% of all altcoins to die out, only referencing Ethereum and another cryptocurrency or two as projects that have managed to prove some medium-term or long-term viability. Case in point, he notably targeted $0.02 for XRP.
Bitcoin Cash Sees Strong Developments
While Bitcoin Cash is looking extremely weak as Brandt pointed out, there have been some arguably positive developments for the cryptocurrency.
Binance.US, the leading exchange’s American division, recently added its inaugural trading pairs, opening trading for Bitcoin, XRP, ETH, LTC, BNB, USDT, and, you guessed it, BCH.
Also, HTC’s cryptocurrency division, EXODUS, recently teamed up with Bitcoin.com to add BCH support for its EXODUS 1 cryptophone. The partnership sees HTC preload all EXODUS 1 phones with the BCH-enabled cryptocurrency wallet, while also allowing the Zion Vault, a key management software, to secure BCH transfers by storing keys.
Title Image Courtesy of Chris Liverani via Unsplash