The sentiments around Bitcoin Cash [BCH] have dampened in the market, with its lead proponent making ‘misogynist’ comments against the Twitter founder, Jack Dorsey and Lightning labs CEO, Elizabeth Stark.
The controversy was sparked by Roger’s comments indicating a romantic relationship between the Dorsey and Stark. Crypto-Twitter is outraged by the comment. Tuur Demeester, the founding partner at Adamant Capital, replied to comments saying,
This is blatant, fact-disregarding sexism.
Whalepanda, who went on to compel media outlets like Forbes and CNBC to stop providing publicity to the project. He went on to say that,
$ was created by 3 people: CSW, who forked off, Jihan Wu who was forced to leave his own company due to incompetence and Roger Ver who runs a website trying to defraud users. It’s only Roger left. Take some responsibility and stop supporting him
According to this update from coin.dace, more than 35% of the Bitcoin Cash’s [BTC] hash rate is controlled together by BTC.com and Bitcoin.com. These mining pools are owned by their lead proponents Jihan Wu and Roger respectively.
Furthermore, Bitcoin Cash [BCH] was launched as a competitor to Bitcoin in 2017. However, currently, the total hash rate of Bitcoin Cash is only about 2.5% of the overall hash rate of Bitcoin [BTC]. Max Keizer, an investor, and financial broadcaster tweeted,
BCH is a wounded, volatile animal. A year from now it will struggle to stay above $100. The project was DOA from day-1. 90% of it’s market cap is the product of manipulation that will be impossible to meaningfully sustain.
Bitcoin [BCH] is trading at around $330 at press time. While the sentiments around it heavily subdued on Twitter, one analyst predicts a probable 150% rise in the cryptocurrency.
This is one of the charts with the most potential out there right now.
Looks as if it wants to pull a BTC like run soon.
As long as it can close through resistance (0.035) I’ll suspect BCH is going to retest blue (0.075) which would be + 150% from here. pic.twitter.com/igJzVBauEw
— DonAlt (@CryptoDonAlt) August 11, 2019
A 150% increase from here would necessarily drive the price to $825. Nevertheless, that is not the prevailing sentiment around the cryptocurrency. While DonAlt suggests a break-out w.r.t. BTC, another chart analyst, Mihir, suggests that BCH could quickly drop to support levels near $260 and $230.
Where do you think Bitcoin Cash [BCH] is headed next? Please share your views with us.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.