Are Crypto Whales Driving Bitcoin Cash (BCH) Price Up the Charts?

Key Insights:

• Bitcoin Cash (BCH) price briefly reclaimed the $250 on Tuesday, October 3 before entering a mild price retracement.
• On-chain data shows crypto whales spent $35 million buying 150,000 BCH coins within the last two weeks. 
• Despite the 8% price decline this week, the whales are still HODLing out for another bullish reversal in the coming days. 

Crypto whales have recently capitalized on the bullish sentiment surrounding the altcoin markets to stack up Bitcoin Cash (BCH). On-chain analysis beams the spotlight on a cohort of crypto whales that could drive BCH price up the charts in October.

A Group of Crypto Whales Have Been Spotted Buying BCH Worth $35 Million

Similar to the June 2023 bull rally which saw Bitcoin Cash claim a yearly peak of $329, crypto whales have started spending big on BCH once again. 

On-chain data shows that price-savvy whales holding 100,000 to 1 million BCH have been in accumulation mode since September 21. 

As illustrated below, the whales increased their cumulative 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 within the last 10 trading days alone. 

With Bitcoin Cash currently trading at $230, the newly-acquired 150,000 BCH coins are worth approximately $35 million.  

Notably, this particular group of whales had accurately timed the June 2023 rally. They bought a staggering 420,000 coins between July 19 and July 6, 2023, just as BCH price gained over 150%. 

However, it remains to be seen if they will keep up the buying pressure or diversify into lesser-cap altcoins as the bull market matures. 

BCH Price Prediction: The Bullish Whales Could Target $300

The on-chain indicators dissected above establish a close correlation between the crypto whales’ buying pressure and BCH price. Hence, the bulls could capitalize on that to drive the ongoing Bitcoin Cash price rally toward $300. 

The Global In/Out of Money Around Price data, which depicts the entry price distribution of current BCH holders, also supports this prediction.

It illustrates that if the bulls can surmount the initial sell-wall at $280, the BCH price rally could hit $300. 

As seen below, the 108,000 addresses bought 1.7 million BCH at an average price of $281. If they close their positions once BCH prices edge toward $280, it could cause a quick pullback.

But if the whale demand intensifies, the Bitcoin Cash price could rally toward the $300 range, as predicted.

Conversely, the bears could negate this bullish stance if BCH price reverses below $200. However, the chart depicts that 720,400 addresses purchased 4 million BCH at the minimum price of $204. 

They could mount a significant buy-wall if the bullish sentiment in the broader crypto market persists.