Welcome to Extreme Investor Network, where we provide exclusive insights and analysis on the latest trends in the stock market, trading, and other financial news. Today, we are diving into the world of Bitcoin Cash and the behavior of long-term holders in the midst of the recent halving event.
According to data from IntoTheBlock, Bitcoin Cash long-term holders have shown impressive resilience in the face of post-halving price dips. Despite concerns surrounding the ongoing sell-off and geopolitical tensions, long-term holders have continued to accumulate BCH. As of April 27, their cumulative balances have increased to 11.7 million BCH, up by 160,000 BCH since the halving.
This commitment from long-term holders not only signals their confidence in Bitcoin Cash’s price potential but also temporarily reduces the supply available in the market. With $76 million worth of BCH held by long-term holders, we could see a slowdown in selling pressure and a potential push towards the $600 mark in the next recovery phase.
Looking ahead, our forecast suggests that Bitcoin Cash’s price could target the $600 area in the near term, especially if long-term holders continue to acquire more coins post-halving. Data from Coinglass’ Liquidation Map also supports this bullish outlook, with a significant increase in LONG leverage positions compared to SHORTs, indicating a strong expectation for a bullish price reversal.
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