Bitcoin Cash Price Analysis: Key Targets to Consider Before the Network Upgrade in May

Bitcoin Cash (BCH) is one of the best-performing coins in the last 24 hours among the top 20 cryptoassets, excluding Bitcoin (BTC). This mid-cap alternative coin, with a fully diluted valuation of around $7.5 billion and an average 24-hour trading volume of about $236 million, has increased by 5 percent to trade at around $382 on Friday, May 2, during the North American trading session. As a result, the price of BCH has increased by over 22 percent in the past four weeks, signaling a bullish sentiment. Furthermore, the broader altcoin market has recorded a bullish sentiment as the price of BTC reclaimed the $92,000 level as a key support. The growth factors of the Bitcoin Cash network The Bitcoin Cash network has grown significantly over the past few years, supported by 345k on-chain holders and a fixed supply. However, the Bitcoin Cash network has faced fierce competition from new and flashy layer one projects led by Solana and Ethereum. In an effort to ensure sustainable development and application, the Bitcoin Cash Network is preparing for a major upgrade on May 15, 2025. The upcoming BCH network upgrade will introduce advanced smart contract functionalities through the Target Virtual Machine Limit. The mid-term target for BCH price Since April 2024, the price of BCH has stabilized in the range of 273 to 641 dollars without any clear breakthroughs. After failing to surpass the all-time high of 2018 during the 2021 cryptoasset bull run, BCH is in a good position to enter a price discovery phase in the coming months.

In the daily time frame, the price of BCH has consistently closed above key resistance trend lines and is currently aiming for the next target of around $423. Furthermore, the daily MACD line has crossed above the zero line and the histogram continues to show bullish sentiment. A stop loss at $311 and a mid-term target at $707 will provide good returns for leveraged traders in the near future.