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Bitcoin Cash (BCH) price briefly reclaimed $240 on Friday, bridging its September gains to 25%. Can the bullish crypto whales drive the BCH price rally further forward in October 2023?
Bitcoin Cash is the second-best performing asset in the top 20 crypto market rankings this week, behind Chainlink (LINK). Can the whales push the price rally further toward $300 in October amid growing bearish concerns?
Crypto Whales Have Aped into to the BCH Price Rally
Bitcoin Cash whale investors have increased their trading activity as September draws close. On-chain data shows that the BCH network recorded 361 Large Transactions on September 27.
Notably, this was the highest level of whale trading activity registered on a single trading day since August 7.
The Large Transactions metric aggregates the total number of confirmed trades exceeding $100,000 on a given trading day. Typically, strategic investors interpret an increase in Large transactions as a vital bullish signal.
This is because large transactions boost market liquidity, allowing traders to execute orders at favorable prices.
However, as bearish voices grow louder across social media, it remains to be seen if the whales will maintain a positive disposition in October 2023.
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Bearish BCH Comments are Increasing across Social Media Platforms
Bitcoin Cash price has been in a consistent up trend for nearly a month. Conspicuously, on-chain data shows that bears have started to dominate the BCH discourse across social media.
The chart below illustrates how the BCH Weighted Sentiment has trended deeper into negative territory since mid-September. It currently sits in the red zone at -2.5 as of September 28.
The Weighted Sentiment metric evaluates the overall mood within a particular cryptocurrency ecosystem. It weighs the total number of positive comments about Bitcoin Cash against the negative mentions.
When Weighted Sentiment trends negatively, as observed above, many holders anticipate a potential bearish reversal.
However, the whales have not yet shown any signs of dialing down their buying pressure. If they HODL long enough to reclaim the $250 territory, the retail network participants expressing their concerns across social media could change their disposition.
BCH Price Prediction: $300 is a Viable Target
If bullish whales ignore negative social media comments, the ongoing Bitcoin Cash price rally could hit $300. The Global In/Out of Money Around Price (GIOM) data, which depicts the entry price distribution of current BCH investors, also confirms this prediction.
It shows that if Bitcoin Cash scales the initial sell-wall at $280, the crypto whales will likely drive the price toward $300.
As shown below, 1.15 million addresses had bought 2 million BCH coins at an average price of $280. They could inadvertently knock back the price rally if they close out their positions.
But if the whale investors keep buying, BCH’s price could hit $300, as predicted.
Yet, the bears could negate this bullish prediction if the Bitcoin Cash price retraces below $200.
However, the chart depicts that 370,000 addresses had bought 2.16 million BCH coins at the minimum price of $218. Considering this is the second-largest cluster of Bitcoin Cash holders, they will likely have enough in the tank to hold off the bears.
But if Bitcoin Cash fails to defend that vital support level, it could trigger a prolonged downswing below $200.
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