Bitcoin Cash price rallied alongside Bitcoin (BTC) in recent weeks, rising from lows of $321 earlier this month to hit $488 across exchanges.
The level is the highest for BCH price since early June, when the altcoin fell below $500.
With BTC showing strength amid further bullish predictions, it is likely Bitcoin Cash will target a breakout above the threshold highlighted above.
Gains of over 35% in the past week suggest a similar run in coming weeks will see bulls comfortably sail over the hurdle.
Bitcoin Cash bulls target multi-year high
Bitcoin Cash (BCH) is a fork of the Bitcoin cryptocurrency that saw further forks of Bitcoin SV and Bitcoin Cash ABC in November 2018 and November 2020 respectively.
The altcoin’s price has struggled to reclaim key highs since its chain split from the flagship asset BTC over issues related to scalability.
While BCH topped $1,500 in May 2021, bulls still came short of the all-time of $3,785 in December 2017.
However, BCH broke above $680 when crypto rallied earlier in the year amid the US Securities and Exchange Commission’s approval of spot Bitcoin exchange-traded funds.
An overall dip pulled buyers lower until a bounce on November 5 that coincided with the US election date.
With BTC leading the market higher amid a spike to a new all-time high above $93k, Bitcoin Cash jumped to $488.
If buyside pressure resumes and buyers manage to push past the $500 hurdle, the next target could be $750.
That would mean a new year-to-date high for BCH holders.
Incidentally, IntoTheBlock data shows 77% of the holders are making money at current prices.
Only 20% are out of the money and 3% are at the money.
Should price rise further, more addresses will become profitable, likely leading to profit taking and a retest of key support levels.
Bitcoin Cash developer highlights upgrade details
In a recent post on X, Bitcoin Cash developer Jason Dreyzehner pointed out a crucial network upgrade.
According to Dreyzehner, this particular Bitcoin Cash upgrade for May 2025 is active on mainnet at chipnet block 227,228.
The upgrade comprises two BCH Improvement Proposals, or CHIPs.
One is the targeted virtual machine limits proposal that aims to retarget VM limits to reduce overhead, transaction sizes and contract audits.
The May 2025 upgrade to Bitcoin Cash is now active on chipnet at block 227,228! 🎉 (0000000000b8dc4625844fa367b12317645fac7c9afbc5fb8def4025a6822c86)
This upgrade includes two Bitcoin Cash Improvement Proposals (CHIPs):
Targeted Virtual Machine Limits CHIP
The VM Limits CHIP…
With this upgrade, Bitcoin Cash looks to improve contract efficiency, with further use cases including quantum cryptography, settlement, escrow and zero-knowledge proofs.
Dreyzehner says these among others are developments that will make Bitcoin Cash more secure and competitive.
The other improvement proposal is the BigInt CHIP: High-Precision Arithmetic for Bitcoin Cash.
BigInt CHIP allows for high-precision math, enabling more than tenfold reductions in BCH contract lengths.
It means the “previously-theoretical use cases” are now practical on the blockchain, including support for advanced automated market maker and exchange protocols.
The upgrade also means support for decentralised stablecoins, collateralized loan protocols and sidechain bridges among others.
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