Bitcoin Cash Price Prediction as BCH Rockets Up 15% – Are Whales Choosing BCH Over BTC?

cryptonews.com:

The Bitcoin Cash price has moved to $218.93 today, marking a 1% gain in 24 hours and a 15% rise in a week.

BCH's increases have come after Grayscale won an appeal against the SEC, which had previously refused the asset manager's application to open a spot Bitcoin ETF.

But with the regulator now required to look at the application again in detail, it has become increasingly likely that a Bitcoin ETF will be approved in the near future, something which could end up having a beneficial effect on Bitcoin Cash (as well as Bitcoin).

This has made BCH an attractive asset to buy, and while there are currently no indications that whales are buying the altcoin in bulk, its out-performance of Bitcoin in the past week could be a sign that the market expects larger investors to make a move soon.

Bitcoin Cash's chart shows not only that its momentum is building, but that it has space left to rise further before entering 'overbought' territory.

For example, the coin's relative strenght index (purple) has climbed close to 60 in the past couple of days, yet the fact that it hasn't neared or passed 70 suggests that further increases could soon come.

Likewise, BCH's 30-day moving average (yellow) had been declining since the beginning of August, so it's now in a good position to rise again for the next few weeks.

It's hard to say just how far Bitcoin Cash's price will rise, but its overselling in mid-August would suggest that it's due to rise a bit further, potentially reaching $230 in the next week or so.

As mentioned above, it has been the biggest beneficiary (aside from Stacks) of Grayscale's victory in its appeal against the SEC.

While there is no direct link between Bitcoin ETFs and Bitcoin Cash, it's worth pointing out that the latter enjoyed