Bitcoin Cash (BCH) Whales Boost Buying Pressure Despite Bearish Headwinds
Bitcoin Cash (BCH) experienced a drop in price in early September, but despite this, bullish whales holding between 1,000 and 100,000 BCH coins continued to buy. On-chain data analysis shows that these whales bought the dip, accumulating an additional 70,000 BCH coins between August 31 and September 18. This buying pressure has helped BCH become the top gainer among the largest crypto projects. With the upcoming Federal Reserve rate announcement on September 20, these whales may further increase their buying trend if rates remain unchanged.
Retail Investors Yet to Join the Bitcoin Cash Rally
While BCH has seen significant price gains recently, retail investors have not shown much interest in the cryptocurrency. Social Dominance, which measures social media traffic compared to other projects, has decreased during this price rally. This suggests that BCH has not attracted extreme media hype or retail market attention yet. This could mean that there is still room for more price gains before market euphoria sets in and retail investors join the rally.
BCH Price Prediction: Bullish Whales Targeting $300
If the upcoming Fed rate announcement triggers a positive response in the crypto market, BCH whales could push for another price rally towards $300. The In/Out of Money Around Price data shows that if BCH surpasses the initial resistance at $245, momentum could build towards reaching $300. However, if the price drops below $180, bears may take control. Nevertheless, there is considerable support from addresses that bought at the minimum price of $211. If retail investors also join the rally, it could further boost the BCH price.
Hot Take: Bitcoin Cash Whales Lead the Way Towards $300
Despite facing bearish headwinds, Bitcoin Cash (BCH) has seen a significant price recovery, thanks to the buying pressure from bullish whales. These high-net-worth investors have accumulated 70,000 BCH coins in September alone, worth approximately $15.5 million. With the upcoming Federal Reserve rate announcement and the possibility of rates remaining unchanged, these whales could intensify their buying trend. If retail investors also join the rally, there is a chance that the BCH price could reach $300. However, it remains to be seen whether BCH can attract more attention from retail investors and sustain its upward momentum.
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