Bitcoin Cash (BCH) is probably the best known and most stable hard fork of Bitcoin (BTC).
After months of intense discussion about the block size of Bitcoin, the cryptocurrency BCH was created on 01 August 2017 with the aim of being the “better” and faster means of payment. In the last 30 days, Bitcoin Cash was able to outperform Crypto Genius with a price growth of +31%, making it the second strongest cryptocurrency after Litecoin (LTC) in the last 7 days.
Speculation was now caused by Megaupload founder Kim Dotcom, who is calling out a price target of $3,000 for the year 2021. This would mean that Bitcoin Cash would face a growth of more than 800%.
Bitcoin Cash (BCH) prediction by Kim Dotcom.
Kim Dotcom may be familiar to the majority of readers through his former company Megaupload. Kim Dotcom, whose real name is Kim Schmitz, has been commenting on the development of cryptocurrencies and the overall market for years.
In a recent tweet, Schmitz now commented on Bitcoin Cash.
As can be seen from the tweet, Schmitz calls out a price target of $3,000 per Bitcoin Cash by 2021. He sees the explanation for the price target, which he puts at $3,000 without further justification, in the increasing acceptance and use of cryptocurrencies.
Specifically, he attests to Bitcoin’s characteristic as a store of value. By definition, this means that investors do not use the cryptocurrency for payments, but rather to store assets. Bitcoin Cash, on the other hand, is a well-suited means of payment that brings advantages for traders in particular.
He expresses his confidence by retweeting this tweet next year or sooner.
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Market development as dominating factor
Kim Dotcom predicts a Bitcoin Cash exchange rate of $3,000 in 2021. The internet entrepreneur argues that the adoption of cryptocurrencies in commercial trading will increase. In his view, BCH could benefit from this, as the cryptocurrency, unlike Bitcoin, can demonstrate lower transaction costs with faster transaction times.
From a technical perspective, the main positive factor remains that Bitcoin Cash (BCH) rose by almost 13% in the last 24 hours, while the rest of the top 10 cryptocurrencies show less volatility.
Performance top 10 cryptocurrencies including Bitcoin Cash.
Just in the last few weeks, it has become clear that the narrative of Bitcoin as the dominant currency remains in place. The performance of the number 1 cryptocurrency is considered a test of sentiment for the overall market. If BTC manages to defend its recent gains and thus bottoms out above the $20,000 level, Bitcoin Cash may also benefit. In all likelihood, however, this principle applies in both directions: If Bitcoin volatility increases again and corrects downwards, BCH will probably also be affected by this correction.