This year, crypto has been all around the place, leading many to question, “Will crypto recover?” Recently, one crypto has been standing out: Bitcoin Cash (BCH). It surged to $250 on October 3, followed by a slight pullback, while crypto whales invested $35 million in acquiring 150,000 BCH in the past fortnight, maintaining hopes for a bullish crypto recovery despite an 8% weekly decline. Are these crypto surges just bubbles? Let’s find out!
Crypto Whales Dive into BCH with $35 Million Shopping Spree
In a move reminiscent of the June 2023 bull rally, where Bitcoin Cash reached a yearly pinnacle of $329, crypto whales are once again making substantial investments in BCH. On-chain data illustrates that whales holding between 100,000 to 1 million BCH have been accumulating since September 21.
During this period, their collective holdings surged from 2.41 million BCH to 2.56 million BCH by October 4, signifying an acquisition of 150,000 BCH in just 10 trading days. At the current value of $230 per BCH, this amounts to a whopping $35 million.
This particular group of whales demonstrated an uncanny ability to time the market during the June 2023 rally, purchasing a staggering 420,000 coins, resulting in a 150% surge in BCH price. The question now arises whether they will maintain this buying momentum or diversify into other altcoins as the bull market evolves.
Best Staking Cryptos: Bullish Whales Eyeing $300
The close correlation between whale activity and BCH price highlights the potential influence of these big players. This could potentially propel Bitcoin Cash towards the $300 mark. Analyzing the Global In/Out of Money Around Price data, which reflects the entry price distribution of current BCH holders, supports this forecast.
Should the bulls breach the initial resistance at $280, the BCH rally may well advance to $300. Notably, addresses with 108,000 holdings acquired 1.7 million BCH at an average cost of $281. A retreat from these crypto patterns near $280 might induce a temporary setback. Yet, with sustained whale demand, Bitcoin Cash could indeed surge toward the coveted $300 range.
Conversely, if BCH slides below $200, bears could regain control. Nonetheless, data suggests strong support at the $204 level, with 720,400 addresses purchasing 4 million BCH, potentially acting as a formidable buying barrier in the broader crypto market’s optimistic climate.
Which Crypto to Buy Today for Short-Term?
Esteemed analyst Crypto Tony sheds light on October’s historical performance in the crypto bubbles. With 8 out of the last 10 Octobers showcasing bullish tendencies, there’s optimism for this month. As the month is still in its infancy, there’s room for a positive turnaround.
In the realm of Bitcoin, attention centres on the critical $27,000 support level. Tony expresses his commitment to Bitcoin as long as this level holds, with a contingency plan should it falter.
For AVAX (Avalanche), Tony sees potential for significant upward movement, given favourable setups and manageable risks. As for Chainlink (LINK), he provides a macro update, outlining potential trading strategies if LINK faces hurdles at the $8.90 range high. In the case of Injective Protocol (INJ), he emphasizes the importance of realism amidst price surges, maintaining a neutral stance.