Main Bitcoin Forks and BCH Price Prediction

Recently, we started hearing a lot about blockchain forks. Even the Ethereum merge can result in a fork. What is a hard fork in crypto and how is it created? Are there any hard forks from the Bitcoin blockchain and what is their role? Let us check.

What Is a Hard Fork in Blockchain?

A hard fork is a crucial change performed in the network protocol that effectively results in a chain split. One chain follows a new protocol while the other keeps the old one. The nodes that move to a new chain don’t accept the older blockchain’s version. And the nodes that haven’t moved to a new version, don’t accept the new chain version respectively.

Forks can occur on any blockchain. But considering that the Bitcoin blockchain is the oldest, we will check its most prominent hard forks.

Bitcoin XT

Bitcoin XT was the first notable Bitcoin hard fork. The chain was forked in 2014. The main idea was to increase the number of transactions to 24 per second. To achieve it, the block size was increased to 8 MB.

Even though the fork was successful initially, very soon, the interest of users dropped. Now, Bitcoin XT doesn’t exist anymore.

Bitcoin Classic

After the collapse of the first fork, some developers still wanted the block size to be bigger. That’s why in 2016, another Bitcoin fork was created - Bitcoin Classic. But in this hard fork, the block size was increased to 2 MB instead of 8 MB.

Initially, the community was interested in the project. Bitcoin Classic exists even now but the majority of its supporters have already lost interest in it.

Bitcoin Gold

Bitcoin Gold was created as a result of a hard fork in 2017. The main idea was to restore the mining functionality with graphics processing units. So, the hard fork was a response to the growing complexity of mining in the main blockchain.

Bitcoin Cash

Bitcoin Cash is one of the most successful Bitcoin forks. It was created in response to SegWit, a soft fork that aimed at reducing each BTC transaction. Bitcoin Cash claimed Bitcoin shall stay unchanged, and thus, the hard fork was created. It is backed by many prominent figures in the world of cryptocurrency and supported by almost all exchanges. Now, it takes the 29th place based on the market capitalization, and its price is approx. 120 USD. What does the future prepare for Bitcoin Cash? Let’s have a look.

Bitcoin Cash Technical Analysis

The maximum supply of Bitcoin Cash is 21,000,000, just like the one of Bitcoin. The circulating supply is over 19.2 million tokens. The coin price hit its all-time high on December 20, 2017, at the mark of $4,355. After that, the BCH price started a downward trend. In 2022, the BCH had some moderate hikes. However, this coin lost value due to the crypto winter. As of January 17, 2023, BCH traded at around $125 per coin.

Bitcoin Cash Price Predictions by Experts

Analysts believe that BCH is not a good long-term investment. Since its price hit its all-time high in December 2017, it has been declining slowly. Even though it is a well-established coin that has been around for a while, its future is not clear.

Bitcoin Cash Price Forecast 2024-2025

Wallet Investor predicts a collapse of the BCH price below $1 in the middle of 2023.

It looks like Trading Beasts only are optimistic about BCH.

According to it, the coin will start recovering its position in 2023. The BCH price will start growing. By the end of 2023, it is expected to cross the mark of $240, and by the end of 2024 is predicted to be marked by crossing a $300 line.

Bitcoin Cash Price Forecast 2026

Stable growth in value continues throughout the next several years. By the end of 2026, the BCH price is expected to reach $400.

What is the Future of Bitcoin Cash?

Only some analysts are optimistic about Bitcoin Cash. The majority claim in their Bitcoin Cash price predictions that the coin won’t survive this crypto winter, and its value will drop below $1. With it, BCH will lose its leading position in the market and will join the immense number of coins that don’t pose any interest to users and investors.

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