Bitcoin Cash May Be On Downward Spiral with Split Imminent - BCH Price Analysis, Prediction. Thursday, September 20
Bitcoin Cash May Be On Downward Spiral with Split Imminent
When the coin split from Bitcoin in a fork last year, all its advocates said that splits such they were bent on having was democratic and actually healthy for the coin market. In the face of an upcoming upgrade of the BCH network, the same advocates of split seem not have agreed that it is the right thing to do.
Bitcoin Cash enthusiasts have always taken pride in the coin being the real Bitcoin, however an upcoming upgrade on November 15 has pitched different interest groups against one another. There now are different factions contending and threatening to have forks of the BCH, a scenario which we may likely witness in the next couple of months unless the various interest groups reach a consensus.
Bitcoin Cash developers are among the most vocal and controversial. Many had inclinations towards forks since the creation of BCH all in the bid to create coins out of thin air. At the center of the recent controversy is Jihan Wu, the Bitmain CEO whose company invested most of its profit in Bitcoin Cash before its value plunged and Calvin Ayre, the Coingeek billionaire.
No one is yet certain how things will turn out for BCH, what is certain however is that the coin’s impending demise was a function of the same philosophy that created it.
The problem started when Amaury Sechet, a lead developer announced that he would add a new way of ordering transaction for BCH, a move backed by the Bitmain faction but opposed by others.
BCH Down 90 Percent Since Last December
The losses seem piling up as the BCH chart is still signifying a bearish outlook. At $425.96, Bitcoin Cash is down by 2.7 percent over the course of a day. With no solid support in view, the coin is expected to slide further. However, the bears are expected to weaken at values just below $300. At the moment, the price chart is being shaped by the positive BTC and ETH movements that allow most of the cryptocurrencies to recover after the fluctuations and lows of previous weeks that saw numerous sudden price falls.
BCH/USD Price Chart, Thursday September 20th:
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