Bitcoin Cash (BCH) is one of the best-performing coins in the last 24 hours among the top 20 cryptocurrency assets, excluding Bitcoin (BTC). This mid-cap alternative coin, with a fully diluted valuation of about $7.5 billion and an average trading volume of around $236 million, has risen 5 percent to trade at about $382 on Friday, May 2, during the North American trading session.
As a result, the BCH price has increased by over 22 percent in the past four weeks, signaling bullish sentiment. Additionally, the broader altcoin market has recorded bullish sentiment as the BTC price reclaimed the $92,000 level as a key support.
Growth factors of the Bitcoin Cash network
The Bitcoin Cash network has significantly grown over the past few years, supported by 345k holders on-chain and a fixed supply. However, the Bitcoin Cash network has faced intense competition from new and flashy Layer 1 (L1) projects led by Solana (SOL) and Ethereum (ETH).
In an effort to ensure sustainable development and application, the Bitcoin Cash network is preparing for a major upgrade on May 15, 2025. The upcoming BCH network upgrade will introduce advanced smart contract functionalities through the Target Virtual Machine Limit.
Medium-term target for BCH price
Since April 2024, the BCH price has stabilized in the range of $273 to $641 without any clear breakout. After failing to rise above the all-time high of 2018 during the 2021 cryptocurrency bull run, BCH is well-positioned to enter a price discovery phase in the coming months.
In the daily timeframe, the BCH price has consistently closed above major resistance trendlines and is now targeting the next level of around $423. Furthermore, the daily MACD line has crossed above zero, and the histogram continues to show bullish sentiment. A stop loss at $311 and a medium-term target at $707 would provide good profits for leveraged traders in the near future.