Bitcoin Cash (BCH) Long-term Investors Drive Price Recovery
The price of Bitcoin Cash (BCH) has reached $215, thanks to increased buying activity from long-term investors. Despite experiencing volatility in the second half of 2023, these investors have continued to hold onto their BCH tokens.
Long-term Investors Now Make Up 96% of BCH Holders
BCH recently reclaimed its peak price of $228 from the second half of 2023. This was achieved just two weeks after dropping to $164. On-chain data reveals that the resilience shown by long-term investors has been crucial to BCH’s strong performance. The number of long-term holder wallets has increased from 22.5 million to 23.96 million, representing a dominance of 96%.
In the crypto world, wallets that hold tokens for one year or more are considered long-term holders. A higher number of long-term holders can contribute to price stability, as seen with BCH.
Long-term Holders Dominance Could Spur Whale Accumulation
As long-term investors in Bitcoin Cash increase their positions, whale investors also seem more confident. The number of BCH held by whales with balances between 100,000 and 10 million BCH has increased from 3.74 million to 3.86 million BCH. This accumulation suggests a positive outlook for BCH prices in the coming weeks.
BCH Price Prediction: Steady Climb Toward $300
The growth in long-term holder addresses indicates that Bitcoin Cash will maintain a steady user base and network demand, potentially pushing the price toward $300 in the long term. Additionally, the Global In/Out of Money Around Price (GIOM) data shows that if BCH surpasses the initial resistance at $230, it could continue its upward trend.
Conversely, if the price drops below $200, there are enough buyers at that level to prevent a bearish downswing. Overall, the strong presence of long-term investors and whale accumulation bode well for BCH’s future price performance.
Hot Take: Bitcoin Cash’s Price Recovery Driven by Long-term Investors
The recent price recovery of Bitcoin Cash (BCH) can be attributed to the increasing number of long-term investors and their determination to hold onto their tokens. This has resulted in a dominance of 96% among long-term holder wallets. The confidence shown by these investors has also spurred whale accumulation, indicating positive sentiment toward BCH. If this trend continues, BCH could experience further upside in the coming weeks. Additionally, the growth in long-term holder addresses and bullish purchase price distribution data suggest that BCH has the potential to climb steadily toward $300 in the long term.
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