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Key ideas:
- The price of Bitcoin Cash (BCH) briefly regained $250 on Tuesday, October 3 before entering a slight price pullback.
- On-chain data shows that crypto whales spent $35 million buying 150,000 BCH coins in the last two weeks.
- Despite the 8% price drop this week, whales are still expecting another bullish reversal in the coming days.
Crypto whales have recently capitalized on the bullish sentiment surrounding altcoin markets to accumulate Bitcoin cash (BCH). On-chain analysis highlights a cohort of crypto whales that could push BCH price up the charts in October.
Group of Crypto Whales Seen Buying BCH worth $35 Million
Similar to the June 2023 bull rally in which Bitcoin Cash hit a yearly high of $329, crypto whales have started spending heavily on BCH once again.
On-chain data shows that price-savvy whales holding between 100,000 and 1 million BCH have been in accumulation mode since September 21.
As illustrated below, the whales increased their accumulated balances from 2.41 million BCH to 2.56 million BCH between September 21 and October 4. This implies that they have acquired 150,000 in the last 10 business days alone.
Bitcoin Cash (BCH) Whales Wallet Balances vs Price | Fountain: Bitcoin cash
With Bitcoin Cash currently trading at $230, the 150,000 newly acquired BCH coins are worth approximately $35 million.
Notably, this particular group of whales had precisely timed the June 2023 rally. They purchased a staggering 420,000 coins between July 19 and July 6, 2023, just as the BCH price surged over 150% .
However, it remains to be seen whether they will maintain the buying pressure or diversify into smaller cap altcoins as the bull market matures.
BCH Price Prediction: Bullish Whales Could Target $300
The on-chain indicators discussed above establish a close correlation between the buying pressure of crypto whales and the price of BCH. Therefore, the bulls could take advantage of that to push the current Bitcoin Cash price rally towards $300.
He Overall price of money in/out The data, which represents the entry price distribution of current BCH holders, also supports this prediction.
It illustrates that if the bulls can overcome the initial sell wall of $280, the BCH price rally could reach $300.
As seen below, the 108,000 addresses purchased 1.7 million BCH at an average price of $281. If they close their positions once BCH prices approach $280, it could lead to a rapid pullback.
But if whale demand intensifies, the price of Bitcoin Cash could rise towards the $300 range, as predicted.
Bitcoin Cash (BCH) Price Prediction | GIOM Data | Fountain: Bitcoin cash
On the contrary, the bears could reverse this bullish stance if the BCH price falls below $200. However, the chart shows that 720,400 addresses purchased 4 million BCH at the minimum price of $204.
They could mount a major buying wall if the bullish sentiment in the broader crypto market persists.
This article was originally published on FX Empire
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