Bitcoin Cash (BCH) Sees Meteoric 90% Rally, But Correction Looms Ahead

Bitcoin Cash (BCH) has experienced an astonishing rally of 90% in just ten days, propelling the altcoin from $358 to $678. However, experts predict that a correction is on the horizon, leading to a temporary halt in BCH’s upward momentum. This anticipation is supported by the changing sentiment of investors, evident in the Mean Coin Age, which measures the average age of coins in circulation and reflects potential selling pressure. Additionally, the Market Value to Realized Value (MVRV) ratio suggests that recent buyers may be looking to book profits, historically leading to corrections in BCH. The danger zone for such corrections typically occurs between 10%-21% MVRV. Therefore, experts predict a potential 14% correction for BCH, with the cryptocurrency losing support at $650 and falling to $625. However, these support levels may limit the decline and provide an opportunity for BCH to rebound, potentially reaching the $700 mark.