Is It Too Late to Buy Bitcoin Cash? BCH Price Takes Off as New Bitcoin Protocol Raises $10.7 Million

Leading Bitcoin Fork Bitcoin Cash has undertaken an impressive +15% price increase and traders are now wondering whether it’s too late to buy into Bitcoin Cash at these levels.

This article will provide an analysis of BCH’s current price trends and look to see whether a newer Bitcoin token, Bitcoin Minetrix, represents a more promising investment opportunity at this time.

$BCH /btc big pump coming.???? pic.twitter.com/PxDAmFcKBn

— L1 or nothing (@altsznmstr) February 12, 2024

Trader sentiment across the crypto community has flipped bullish on BCH price outlook due to the breakout move, which has seen the leading Bitcoin fork price hammer-up into poised position in an ascendant trading channel.

BCH Price Analysis: As Bitcoin Cash Pushes High in the Trading Channel – Is It Too Late to Buy Bitcoin Cash on the Short Time Frame?

As price action consolidates the recent gains, Bitcoin Cash is left trading at a current market price of $278.5 (representing a 24-hour change of +0.25%).

Indeed, BCH price stabilization through a consolidation at this level marks a healthy move following Yesterday’s +15% climb, which saw BCH bounce-off the 20DMA down at $242.

The 20DMA has provided a lifeline of support for almost 8-months now, after the emergence of a major golden cross pattern on June 24, 2023 triggered major upside price moves to a local high of $330.

Now, with BCH price action further bolstered by the arrival of the ascendant 200DMA since late December, more than a month of tight-fought consolidation around the 20DMA appears to have paid off.

To the upside, all eyes are now focused on a hard layer of resistance around $300 – which will make-or-break the latest BCH price move on the short time-frame.

The certainty of this critical retest of resistance is fuelled by a tightening of chop in a classic bullish pennant pattern on the long-time frame.

Yet, consolidation might be the mood of the week from current positioning, with the RSI indicator heating-up to overbought divergence at 71.47.

However, this comes against a backdrop of impressive momentum, spotlighted by the MACD at 4.6 – suggesting price is highly charged to the upside.

Overall, BCH price analysis reveals that BCH has shifted into poised position ahead of an imminent retest of overhead resistance at $300.

This leaves BCH price targeting an upside move to the local high at $325 (a potential +16.9%).

While downside risk could see BCH price retreat down to lower support at $235 (a potential -15.47%).

BCH price analysis therefore highlights a short-time frame risk: reward ratio of 1.09 – a mediocre entry characterized by mid-movement positioning – suggesting it is too late to buy on the short time-frame.

But while BCH might offer an unappealing entry on the short time-frame, an alternative Halving event play – Bitcoin Minetrix – is gathering similarly charged momentum ahead of the Bitcoin halving event due to the promise of democraticizing BTC block rewards.

BCH Price Analysis Alternative? New Bitcoin Cloud Mining Project BTCMTX Smashes $10.7M Raised

Dive into the innovative world of Bitcoin Minetrix and its pioneering stake-to-mine system – as the skyrocketing presale smashes +$10,710,482 raised – with the latest Stage 24 just kicking off!

Offering an enticing 75% Staking APY, Bitcoin Minetrix provides a platform where users can buy, stake, and then watch as the rewards start accumulating.

The true essence of passive income in the crypto world has never been this accessible.

With the Bitcoin Minetrix approach, gone are the days of heavy initial capital and navigating complex mining contracts.

$13M In The Crosshairs: BTCMTX Surges Past $10.7M – Poised to Outperform BCH Price Analysis

Since the 2021 Bull Run, Bitcoin mining has defied expectations by undertaking something of a renaissance in network growth.

Bitcoin’s Hash Rate (a measure of the total amount of computational power directed at mining Bitcoin blocks) has surged to an incredible all-time high of 525 Exahashes per second (EH/S).

The significant growth in the Bitcoin mining sector has been driven by the expansion of Marathon Digital and Riot Platforms’ operations.

Marathon, the world’s largest Bitcoin miner, reported a Q3 2023 average hash rate of 14.2 EH/s, a 500% increase year-over-year, accounting for about 4% of the total network hash. This capacity enabled them to mine approximately 1153 BTC per month, valued at $42.2 million USD.

Riot Platforms achieved a new record hash rate of 10.9 EH/s, mining around 368 BTC per month, worth $13.3 million USD. Riot anticipates growing its operations to 20.2 EH/s by summer 2024.

However, the record-high Bitcoin network hash rate, while enhancing network security and profitability for miners, raises concerns about moving away from Satoshi Nakamoto’s original vision of decentralization.

Bitcoin mining in 2023 is the most centralized it has ever been in its short 15-year history.

Why Has Bitcoin Mining Become So Centralized?

A closer look at the summary of mined blocks over the past 48-hours reveals that a shocking 55.79% of all Bitcoin block rewards go to just two Bitcoin mining pools.

AntPool took the largest share at 83 blocks mined (29.123%), while second largest mining pool Foundry USA mined 76 blocks (26.667%).

This dwarfs the number of blocks mined by even third-place F2Pool (34 blocks mined, around 11.93%), highlighting the growing challenge of increased mining centralization.

This heightened network activity, and increased centralization of mining power has become clearly reflected in the consequent all-time high in the difficulty rate for mining Bitcoin.

Currently standing at 70,440,798,833,881 – it has never been harder for individual participants to engage in profitable mining.

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This challenge of heightened network difficulty, fuelled by increased competition and centralization of mining power, has created the need for new solutions for the retail investor to participate in  mining – both for network decentralization and preserving Bitcoin as a profitable activity for the individual.

Enter Bitcoin Minetrix, which was launched to deliver secure and transparent Bitcoin mining rewards for the retail investor through an innovative, decentralized Bitcoin cloud mining approach.

Key Highlights of the BTCMTX Advantage Over Bitcoin Cash Token Verdict:

• Distinctive Edge in the Market: In an industry filled with numerous cloud mining platforms, Bitcoin Minetrix carves a niche for itself. The initiative introduces the first-ever tokenized Bitcoin cloud mining, featuring an automated system designed for cloud-based Bitcoin mining. This sets a new standard in the industry.
• Safety First with Ethereum Blockchain: Bitcoin Minetrix operates on the tried and trusted Ethereum blockchain. This ensures top-notch security and reliability, allowing users to sidestep the risks associated with external mining pools, and offering a safeguard against potential fraudulent cloud mining services.
• Championing True Decentralization: At its core, Bitcoin Minetrix upholds the ethos of decentralization. In an age where centralization often introduces vulnerabilities, Bitcoin Minetrix breaks the mold, redistributing mining profits from big corporations to individual retail investors through its novel Stake-to-Mine system.
• Tapping into the Bitcoin Halving Opportunity: Perfectly poised to make the most of the upcoming Bitcoin halving, Bitcoin Minetrix provides investors with a golden opportunity. The impending halving might seem daunting for miners due to reduced block rewards, but historically, such events have driven up Bitcoin’s value. Bitcoin Minetrix provides a platform for investors to tap into this potential surge, sans the associated capital risks.
• The BTCMTX Presale Opportunity: The ongoing BTCMTX presale has already garnered significant interest, with over $10.7m raised towards its $13M goal. At a competitive price of just $0.0134 per token, early investors have a unique chance to be at the forefront of this stake-to-mine evolution.

The Bottom Line: Don’t Miss BTCMTX

In sum, Bitcoin Minetrix is set to redefine the mining landscape. With its innovative methodologies, stringent security measures, and the vast potential of its stake-to-mine mechanism, it beckons as a lucrative opportunity for early-bird investors.

Secure your position in this transformative journey by joining the BTCMTX presale today.

Buy BTCMTX Here

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.