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Bitcoin Cash Price Prediction: BCH Whales Invest $50 Million in 2 Days, What Next?
Bitcoin Cash Price vs. BCH Whales Wallet Balances | Most Holy
As illustrated above, there have been wild swings in Bitcoin Cash whale activity over the past month. Following the Bitcoin Cash halving event on April 3, whales went into a major sell-off frenzy, reducing their balances to 4.17 million at the end of April 13, which played a major role in what became a price collapse of 43% by the end of 2019. the month.
However, with the post-halving market’s FUD (Fear Uncertainty and Doubt) easing, the recovering whale appears to have returned to accumulation mode in May 2024.
The chart above shows that since the BCH price rally stopped on May 7, instead of joining the selling frenzy, whales have quickly acquired 100,000 BCH behind the scenes.
Valued at the current price of BCH, whales have actually invested around $50 million in the last 48 hours.
Given that whale investors often have a long-term investment horizon, withdrawing such a large amount of money from the circulating supply could lead to BCH having a price breakout towards $600 starting in May 2024.
Furthermore, seeing whales enter buying mode, strategic bull traders on the sidelines may take it as a positive signal to enter the fray in the day ahead, injecting new capital inflows and ultimately driving the next phase of the Bitcoin Cash price rally in May 2024.
Bitcoin Cash Price Prediction: $600 Target in Focus
At the time of writing on May 9, the price of Bitcoin Cash is currently hovering around the $450 mark, down 9% from its monthly peak of $493. However, the fact that whales have accumulated $50 million in BCH in the last 48 hours signals that investors can anticipate an imminent price rebound towards $600 in the coming days.
But to validate this bullish BCH price prediction, bulls first need to establish a stable support cluster above the 20-day SMA price level at $470.