Zcash Price Prediction: Is a New 100% Rally Imminent?

Zcash price prediction - Is another 100% rally in sight soon?

Arthur Hayes, co-founder and former CEO of the cryptocurrency exchange BitMEX, has made headlines by forecasting that Zcash (ZEC) could reach $10,000, as stated in a recent post on X. The prominent crypto trader Bitcoin Jack has also highlighted Zcash's appeal, positioning it as a serious competitor to Bitcoin in terms of privacy features and preparation for quantum computing. With growing interest from early Bitcoin adopters, the question remains: will Zcash maintain its momentum in the upcoming months?

Key Takeaways

Arthur Hayes predicts Zcash (ZEC) could hit a price of $10,000.
Zcash is seen as a “true privacy Bitcoin alternative” that is semi-quantum ready.
The recent rally has drawn in early Bitcoin adopters and bolstered investor confidence.
Increased trading volumes and a high weekly Relative Strength Index (RSI) suggest strong market interest.
A new price target of $726 for ZEC could be established by 2025 if it surpasses the current level of $372.

Zcash Price Prediction: A Bullish Outlook

ZCash 1-week Chart

Source: ZEC/USDT on TradingView

The weekly chart for Zcash indicates a strong bullish trend, supported by high levels of the Relative Strength Index (RSI). Notably, the RSI reached an impressive 92.7 in the first week of October, marking the highest weekly reading for ZEC to date.

According to Bitcoin Jack, the narrative surrounding Zcash has gained significant traction, attracting attention from some of the most influential figures in the cryptocurrency market. This trend highlights the strength of buyers and presents a compelling case for increased investments in Zcash.

Over the past month, Zcash has climbed quicker to the $372 mark compared to its performance in the 2021 cycle. Additionally, the trading volume has remained robust for several consecutive weeks, indicating that interest in the market is not merely a passing fad.

Utilizing Fibonacci extension levels from the previous 2020-2021 rally, Zcash could potentially reach $726 by 2025 if it manages to break through the $372 resistance level on the weekly chart. However, the current extreme RSI might require some time to normalize.

Nonetheless, it is important to remember that bull markets can defy typical expectations, such as the notion that an "overbought RSI" indicates a need for cool-down periods. A compelling narrative for Zcash could propel its value beyond conventional limits, much like the rapid gains seen throughout October.

Currently, Zcash is still significantly below its all-time high of $3,191, achieved in October 2016. Whether targets of $3,000 are realistic or overly optimistic remains uncertain.

Disclaimer: The information presented in this article does not constitute financial, investment, trading, or related advice and solely reflects the writer's opinion.