- Recent statements by Fed/Harker have triggered a downturn in Bitcoin and altcoins.
- Bitcoin Cash (BCH) could test a new resistance level above $250 if it can surpass $220.
- Increased activity among BCH whales is being interpreted as a bullish signal.
As the cryptocurrency market reacts to recent comments by Fed/Harker, Bitcoin and altcoins have experienced a downturn. However, Bitcoin Cash (BCH) is showing potential signs of resistance, with the possibility of testing new highs if it can break the $220 mark. Furthermore, increased activity among BCH whales is being seen as a positive indicator for the coin’s future performance.
Bitcoin Cash (BCH) Analysis
Following its listing on a Wall Street-backed crypto exchange, Bitcoin Cash (BCH) saw a significant rise in price, reaching $330 in June. Despite the overall negative sentiment in the market, BCH, born out of a Bitcoin fork, has been showing signs of potential growth. The coin, which initially positioned itself as superior to Bitcoin, has not lived up to that claim in terms of price, but recent whale activity suggests a possible upturn.
One of the four cryptocurrencies listed on EDX Markets, BCH has seen a noticeable increase in whale transactions this week. From just four recorded transactions on August 20, BCH whale activity rose to 64 transactions on August 23, indicating a potential surge in interest and investment.
Bitcoin Cash (BCH) Price Prediction
On June 30, BCH reached its highest price of the year at $330, with 619 large transactions recorded. As the number of large transactions continues to increase, we could potentially see a further 210% increase in price. The timing of this uptrend suggests that BCH institutional investors have responded positively to EDX Markets’ recent custody service announcement.
Notably, Bitcoin Cash price trends have become closely linked with whale transactions over the past three months. Therefore, the buying pressure and market liquidity provided by whales could help Bitcoin Cash break the $200 resistance if it continues.
Conclusion
While there are strong signs of potential growth for BCH, the overall market sentiment remains a crucial factor. The current struggle of Bitcoin price under $26,100 could dampen optimistic expectations. If the negative momentum in the crypto market continues, BCH bears could force a price pullback below $180. However, if the expected buying pressure from whales intensifies, BCH could break this resistance and reclaim $250.
