- Prior to its third halving event, the price of Bitcoin Cash increased by 44%, but miner sell-offs could sabotage this rise.
- Roger Ver is still devoted to BCH in spite of the market’s volatility, criticizing Bitcoin advancements for deviating from the initial plan.
With its price rising to $496 on March 25, Bitcoin Cash (BCH) has drawn attention due to its remarkable 44% growth in just five days. This increase coincides with the run-up to April 4, the date of Bitcoin Cash’s third halving event, which has historically been associated with market turbulence.
Future Changes in the Market
With the event’s traditional halving of mining block rewards and its effects on market supply and pricing behavior, the Bitcoin Cash community is becoming excited as the halving approaches. This sentiment is consistent with previous reports by ETHNews.
However, there may be obstacles to this optimistic momentum inside the Bitcoin Cash ecosystem. Throughout 2024, miners have been seen selling almost 1.5 million BCH, taking advantage of the increase to maximize gains.
With the miner reserves at their lowest point since 2018, this planned liquidation has placed a shadow on the rally as the halving approaches.
Forecasts in the Face of Mining Activity
This significant miner sell-off has sparked discussions about a potential price adjustment; some market observers anticipate a decline below the $400 threshold before the halving. However, a significant number of BCH investors who bought up to $411 may act as a buffer against a sharp decline, supporting a strong support level around $400.
Roger Ver’s Stance on BCH
Amidst these market conditions, Roger Ver, a former proponent of Bitcoin and now a proponent of Bitcoin Cash, reiterates his commitment to BCH.
Author of “Hijacking Bitcoin: The Hidden History of BTC,” Ver has turned down invitations to rejoin the Bitcoin community, criticizing some of the platform’s changes as departing from Satoshi Nakamoto’s original intent.
He is unwavering in his belief that Bitcoin Cash is the realisation of Nakamoto’s double vision of digital cash and digital gold.
Meanwhile, sitting at the 17th largest cryptocurrency by market cap, BCH saw a slight increase in the last 24 hours, 0.51% to $489.91.