Trading Expert Suggests Bitcoin Cash Price Is on the Verge of a Breakout

  • Alex Morris
    📰 News

    With BCH and ETH predicted to test new yearly highs, it seems very likely that a new altcoin season is just around the corner


Trading Expert Suggests Bitcoin Cash Price Is on the Verge of a Breakout
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Bitcoin Cash turned out to be one of the best-gaining cryptocurrencies in the CoinMarketCap top 10 during the recent rally. Now, trading expert Luke Martin (better known as “Venture Coinist”) suggests that the BCH price is ready to move even higher.

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Bitcoin Cash dodged a bullet   

Bitcoin Cash was recently attacked by a bad actor who exploited an old bug in block template creation to prevent BCH users from transfering their funds. This attempt to wreak havoc with the BCH network coincided with a huge short position on Bitfinex (180,000 BCH). In such a way, the hacker wanted to sabotage BCH’s scheduled upgrade and tank its price, but the attempt turned to be unsuccessful.

The price of Bitcoin Cash spiked by 9 percent after the upgrade that took place on May 15, which means that the person who created empty block probably lost a gargantuan amount of money once the short position had been liquidated.

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ETH price could double in 2019

Ethereum is yet another altcoin that is predicted to shine this year. CNBC counter trader Jacob Canfield claims that the price of Ethereum could double this year. Canfield suggests that there is a similar pattern compared to 2017 when the coin started its meteoric rise to its current ATH $1,389.

Based on the TA provided by Martin, it seems that the price of Ethereum will continue to grow in the short-term.

Cover image via 123rf.com
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