Are you keeping a close eye on Bitcoin Cash price movements and whale activities? If not, it’s time to start paying attention, as the actions of these large holders can have a significant impact on the market. At Extreme Investor Network, we provide you with exclusive insights into the world of cryptocurrency trading, including analysis of whale wallet balances and price forecasts.
In a recent report, we observed frenetic swings in Bitcoin Cash whales’ activities following the halving event on April 3. The whales went into a sell-off frenzy, leading to a 43% price crash by the end of the month. However, as market fears subsided, the whales shifted to accumulation mode in May, acquiring 100,000 BCH in just 48 hours, amounting to approximately $50 million.
This significant investment from the whales suggests a positive outlook for Bitcoin Cash, with a potential price breakout toward $600 in May 2024. As strategic bull traders take note of this buying activity, we anticipate fresh capital inflows and a subsequent price rally in the days ahead.
Currently trading around $450, Bitcoin Cash is down 9% from its monthly peak of $493. However, with whales accumulating large amounts of BCH, we foresee an imminent price rebound towards $600. To validate this bullish forecast, bulls must establish a support cluster above the 20-day SMA price level at $470.
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