The cryptocurrency market is recovering from the last Monday’s fall as almost all the coins look green. Coins have an upside momentum and are looking for a breakout. The US tax deadline is also a problem as the prices may fall down further. The deadline is on April 15 and the investors are worried about the downfall of the prices. The prices have already dropped by 80% after the all-time high reached by the cryptocurrencies in the month of January this year. The Internal Revenue Service [IRS] is owed an amount of $25 million on capital gains made on cryptocurrency prices.
Here, in this segment called the sentiment analysis, we bring to you sentiments and expert opinions from around the world on cryptocurrencies and their respective market trends. For this purpose, a group of investors, miners, journalists, skeptics, and influencers were interviewed and their valuable comments and sentiments were recorded. This analysis will be on the cryptocurrency which is ranked at the 4th spot; Bitcoin Cash [BCH].
Since the fall to the $600 range, Bitcoin Cash [BCH] has been looking to break free from that range. People have been on HODL for quite a long time now and are looking for a bullish breakout. Many buyers are also pitching in and they are working hard to push the prices higher. The community needs some strong bulls to initiate a bull run. The coin at 12:36 PM UTC was priced at $649.72. There was a support for the coin at $650 and a resistance at $655. The coin has broken the support and is more likely to fall down further.
Hector Nelson, a Bitcoin Cash investor from Ohio says:
“The coin appears to be stable above the $600 mark but the chances are that it will go further down to break this level. This was predicted to happen after April 10th but somehow the coin is still holding on to its mark. The price is already decreasing and the bears are on the move.”
Glenn Hughes, a Financial Advisor from Milan says:
“The trend lines indicate a possible fall in the prices and it may happen on the 14th of this month. The prices will drop to $559.6 and it is expected to fall down further. The fall will be so drastic that it will go all the way down to $341.05 and from there a reverse pattern is expected to emerge which will take it above $700.”
Victor Collins, a cryptocurrency enthusiast says:
“I personally feel that Bitcoin Cash will not survive in the top 10 rankings for long. The coin is slowly starting to lose its ground. People who have invested in Bitcoin Cash should be the ones most worried about the present downtrend. They will have a tough time making decisions on when to sell the coin.”
To conclude, 73% of Bitcoin Cash respondents feel bearish about the coin and are of the opinion that once the coin drops below the $650 mark, it will go down and possibly will take a long time to get back up. The remaining 27% are Bitcoin Cash believers and they feel that the coin’s drop will not go below $600 and that once it regains the support at $650, it will gain an upside momentum.
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