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Digital Currency Revolution Series: Bitcoin Cash (BCH) Skyrockets On Its Debut Halving Event
Bitcoin cash (BCHUSD at Coinbase) has staged for the 4th consecutive weeks’ rallies, it’s been constantly gaining from the lows of 133.67 to the prevailing 283.35 levels which is mammoth 104% in just 3-4 weeks.
Well, such underlying price gains BCH halving event. Preceding the Bitcoin network’s block reward halving in May, Bitcoin Cash (BCH), the largest fork of Bitcoin, will experience its block reward halving on Wednesday.
Bitcoin cash (BCH) split from bitcoin (BTC) as a result of a fiery community dispute in year of 2017. At block 630,000, expected to occur Wednesday morning Eastern time, the number of BCH coins created roughly every 10 minutes will fall by half, from 12.5 to 6.25.
Bitcoin-SV, the third-largest fork, is also expected to have its block reward halving in the next 50 days. For miners, all three major SHA-256 chains will see a reduction in block rewards, and miners will have to allocate resources between the three chains depending on mining profitability.
Technically, BCH bulls in minor price trend, take-off above 7 & 21-DMAs with the bullish crossover upon hammer pattern occurrence of 173.26 levels, both leading & lagging oscillators are also in tandem with the prevailing uptrend.
On a broader perspective, the current major trend attempts to spike above 7&21-DMAs, for now, more rallies are on the cards as both leading oscillators signal the intensified buying momentum (refer monthly chart). Overall, we could foresee more upside traction in the days to come, no wonder if BCH can extend up to the next level of 400 levels.