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Cryptocurrency News Articles
Bitcoin Cash (BCH) Hints Positive Outlook as Whales Accumulate and HODLers Increase
Oct 23, 2024 at 10:08 pm
Bitcoin Cash (BCH) made a surprise rebound to hit a monthly high of $383 in mid-October from the monthly low of $309 recorded some weeks ago.
Bitcoin Cash (BCH) price analysis reveals a surprising rebound, surging from a monthly low of $309 to hit a high of $383 by mid-October. This impressive move, according to our findings, positioned BCH among the top gainers in the week ending October 22. However, this rally was short-lived, with the asset experiencing a decline in a daily fall of 2.4%. At press time, BCH trades at $351.
Bitcoin Cash (BCH) On-Chain暗示乐观前景
Our data indicates that whales control 17% of Bitcoin Cash's 14.35 million holding addresses. The data also suggests that investors are bullish on the project, with 96% of these addresses holding BCH for over a year, compared to 2.45% of addresses holding the asset for one month to 12 months.
A Lookonchain data also suggests that HODLer addresses only saw a marginal increase, rising from 24.34 million on September 24 to a current count of 24.39 million addresses. For cruisers, there was a significant reduction, shifting from 653,710 addresses on September 22 to 618,460. Furthermore, traders' addresses declined to 94,820 from the 107,640 addresses recorded on September 22. These shifts indicate a strong move towards long-term aspirations.
Delving into other metrics, we uncover that selling pressure remains weak at the current price, with only a handful of investors, out of those involved in the mid-month purchase, cashing out. The holder balance has slightly decreased from 11.94 million BCH to 11.93 BCH since the mid-week rally, according to data. Within the same period, Cruisers' balance increased from 6.75 million BCH to 6.8 million BCH. However, the trader balance declined, shifting from 1.11 million BCH to 1.07 million BCH. Additionally, the number of BCH transactions surged from 13,000 on October 20 to over 368,000 on October 21.
Analysts Subject the Asset to Technical Analysis
Recently, an analyst by the name of Javon Marks highlighted that BCH has confirmed a bullish pattern, suggesting it could return above its 2024 high. According to him, this could mark the start of a 900% breakout that could propel the price to $3,745.
In August, Marks shared another post that confirmed his earlier prediction, stating that the asset continues to hold its key bullish pattern.
BCH (Bitcoin Cash) prices confirmed a Hidden Bullish Divergence and have since displayed MAJOR STRENGTH, but there can be much greater coming with a target of $3,745.89 that’s in play! With this target, another +683% climb could take place to reach it and this divergence looks to be helping prices into the fulfillment of this process.
Meanwhile, another analyst, World Of Charts, has predicted that BCH could aim for $800 in its next move. According to him, the asset would first need to breach multiple key resistance levels to reach this height.
$Bch Seems Like Preparing For Recovery In Coming Weeks Currently Testing Multiple Resistances Bch Need Clear To Clear These Hurdles Before Making New Yearly High. Incase Of Successful Breakout Expecting Move Towards 800$#Crypto #Bch pic.twitter.com/vrIFqSddKe
— World Of Charts (@WorldOfCharts1) July 28, 2024
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