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Bitcoin Cash BCH Bounces Back After Plunging By 15% In 4 Hours

13 january 2019, 23:03 by John Kiguru

Bitcoin Cash BCH Bounces Back After Plunging By 15% In 4 Hours

Historically, short term gains have always been met with price corrections in the form of sharp drops. Some investors learned this lesson the hard way on January 10 when prices plunged. Bitcoin Cash BCH was one of the worst hit coins, losing more than 15% of its value in four hours. The plunge saw the coin wipe out its short-term gains from the 28th of December.

The drop has however not deterred the bulls from pushing for a higher valuation. In the last 24 hours, their effort has been rewarded as Bitcoin Cash has made a rebound. At the time of press, Bitcoin Cash has bounced back with a 4% gain and is now valued for a little over $135.

Before the dramatic drop, things were looking positive for Bitcoin Cash after managing to stay above $155 since the beginning of the new year. Its second optimistic target was $200 which it had previously tested in the 24th December rally.

Now, Bitcoin Cash’s next realistic target is $150 if the coin is to hit its $200 target in the near future. Yesterday, Bitcoin Cash received a boost with some positive news, something the project is in dire need of. Binance Trust wallet announced they would begin supporting Bitcoin Cash BCH for all its users. This move is expected to broaden Bitcoin Cash’s market and expand its user base through exposure.

Bitcoin Cash’s bounce back puts it in an ideal position for next week. The new week is bound to see the wider market rally and Bitcoin Cash will be able to extend on its gains, probably hitting as high as over $140. By mid-week, Ethereum’s upcoming Constantinople hard fork could also boost the wider market to soar and help Bitcoin Cash further extend its gains.

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