In this article, we will list the best Bitcoin Cash price predictions for 2020 from various crypto influencers and other sources. We will start with a short introduction about Bitcoin Cash and what a hard fork is (Bitcoin Cash is a hard fork from Bitcoin).
In any market (and cryptocurrencies are no different), when the stage is set for the bull run, market leaders are the ones who are the first to pull the others onward, and one such is, definitely, Bitcoin Cash.
Since the price of Bitcoin (BTC) has broken through the $13,000 mark, there is an all-encompassing positive market sentiment brewing, and therefore, through this article, we will bring you what other outlets predict for the fifth biggest cryptocurrency according to CoinMarketCap.
But first, let’s deduce the basics.
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What is Bitcoin Cash?
At the very beginning, all our readers must note that when we mention Bitcoin Cash (BCH), we refer to what is lately known as Bitcoin ABC – a cryptocurrency forked off Bitcoin’s chain, but was recently forked into Bitcoin ABS and Bitcoin SV.
To define Bitcoin Cash (BCH or Bitcoin ABC) you first need to know what a blockchain (hard) fork is.
What is a blockchain fork?
A fork in the crypto/blockchain multiverse is an event when, due to changes being implemented in the code, the original chain gets split into two versions. An old one with an original set of rules, and a new one with a new set of rules.
There is a significant difference between a hard and a soft fork.
A soft fork is merely an update to the existing technology when the whole community agrees to start using the new chain instead of the old one.
However, since Bitcoin is decentralized, the community may not always agree on some upgrades, and sometimes they decide to part ways, making one blockchain being split into two, and both continue to be used by the opposing camps of the community. Such an event is called a hard fork.
Further Reading: Bitcoin Price 2017 vs Bitcoin 2019 Prediction
Is BCH a hard-forked BTC?
Yes, BCH is the result of a BTC hard fork that happened on the August 1st, 2017, at block 478558, as the result of two opposing camps not being able to reach an agreement about the way BTC should function in the future.
For every BTC held in a wallet, users were given 1 BCH, and the two blockchains continued to function separately.
One of the biggest differences between the two is that BCH enlarged each block in the network from 1MB to 8MB, resulting in faster and cheaper transactions. Consequently, the capacity of the network has increased from 7 to 24 transactions per second.
As a result of one of the most hyped up forks to date, BCH has risen substantially and, currently, as stated, sits at the fourth spot in the market according to the market capitalization.
What is the roadmap of Bitcoin Cash?
The main focus of the BCH development team is to prepare the network to become the most efficient means of payment. That means lowering the price of transactions to a minimum estimated not to compromise the network’s security and adapting the size of the block in accordance with the market movements.
Considering the technical upgrades, the team has implemented more than a few from their roadmap (official website quote):
- Transaction Ordering – scalable block processing
- CashAddr – easier & safer to use
- Sighash – hardware wallet security
- Basic Opcodes
- OP_RETURN At 223 bytes – social networks on-chain
- OP_CHECKDATASIG – oracles and advanced scripts
However, according to the official roadmap, there are still some upgrades being worked on:
- Fee Improvements – cheaper transactions
- Pre-consensus – near instant security for merchants
- More basic opcodes
- Faster Block Propagation – graphene or other
- UTXO Commitment – blockchain pruning
- Schnorr Signatures – batched signature validation
Regarding the planned upgrades whose development haven’t yet been set in motion:
- Adaptive Block Size – market-driven growth to 1TB blocks
- Merklix-Metadata Tree – scalable block processing
- Fractional Satoshis – fees low forever
- New Transaction Format – more capable, more compact
According to bitcoincash.org, all these upgrades should lead to BCH becoming:
- Scalable for mankind with 50 transactions per day for 10 billion humans
- Best Money secure within 3 seconds with transaction fees forever low.
- Able to trade all classes of assets on the blockchain
List: Best Bitcoin Cash Price Predictions 2020
1. Allforecast Bitcoin Cash prediction for 2021 Month by Month
Allforecast is using a unique mathematical model that takes into account the daily price movement, fundamental and technical analysis, as well as the news background and a number of other factors.
In the screenshot below you see the Bitcoin Cash price predictions for 2021 from Allforecast, month-by-month. On their website they have all details around the analysis and much more predictions.
2. Wallet Investor: Bitcoin Cash Price Prediction
Contrary to CoinSwitch, Wallet Investor brings a much more modest BCH price prediction. According to them, Bitcoin Cash may even crash in the coming period.
This online cryptocurrency price prediction website clearly states their belief that BCH will not be able to reach even $1,000 in the coming year, going even further to say that there is a possibility that the price of Bitcoin Cash may drop from the current $470.79 to $57.478, making it a decline of over 87%.
3. Trading Beasts
Trading Beasts published a detailed, month-by-month, prediction until the end of 2022. However, their 2019 forecast completely misses the target as they stated that BCH will see the price of $165 in July this year. While this is still possible (there are 6 days of June left), it is highly unlikely as the cryptocurrency should completely sink by 65% in the period.
Still, they bring a long-term projection which may still be active, so let’s see what they say:
- December 2020: $2,445
- December 2021: $8,111
- December 2022: $19,022
4. Digitalcoin: Bitcoin Cash (BCH) Price Prediction 2019 - Forecast in the year 2019
Digitalcoin is one of those online sources which offers only dry numbers, and according to their analysis, BCH will hit $757 until the end of the year.
They also go further to predict the price movement until the end of 2026, so let’s see where they position the asset:
- 2020: $1,031
- 2021: $946
- 2022: $1,512
- 2023: $1,444
- 2024: $1,980
- 2025: $1,937
- 2026: $2,180
5. The Economy Forecast Agency: BCH Price Prediction For 2019, 2020, 2021, 2022
Interestingly enough, The Economy Forecast Agency on their website called longforecast.com calls for the 24% price decline in the coming month, which would set the valuation of 1 BCH at $358.
Furthermore, they do see the asset gaining support and the price pumping back towards $722 until the end of 2019, just to drop down to $219 until December next year.
According to the agency, the price of BCH is bound to recover again in 2021 and reach $591, which is the lowest prediction for the year of all mentioned in this article. However, they give BCH a fair chance in the long-run as they predict it to end the year 2022 at $1,071, and reach the summer of 2023 at $1,520.
More Cryptocurrency Price Predictions
Are you interested in Bitcoin and crypto price predictions?
We have many popular cryptocurrency price prediction lists.
One of our most popular price prediction lists is Litecoin price predictions for 2021. Litecoin was created on an open-source client in 2011 by Charlie Lee. Litecoin tried to solve some of the main problems for Bitcoin.
The Litecoin Network aims to process a block every 2.5 minutes, rather than Bitcoin’s 10 minutes. This allows Litecoin to confirm transactions much faster than Bitcoin.
Summary - Bitcoin Cash Predictions 2020
Regarding the 2020 prediction, the most pessimistic ones forecast a slow growth of BCH until the end of the year with the price of $757 or even drop down to around $57 in an undisclosed timeframe. More optimistic predictions say that BCH could go up to even $2,000.
In the long run, the most optimistic forecasters see Bitcoin Cash reaching $19,022 until the end of 2022. However, there are others that see BCH between $1,000 and $1,500 in the same interval.
If you are about to take a trade on Bitcoin Cash you should check the top crypto trading sites so you can choose where is best to trade for you.