According to recent data analysis from dedicated sites, Bitcoin Cash (BCH) has been experiencing a resurgence in the market, with its price rallying towards $300. The data suggests that the uptrend in BCH’s price is due to bullish whales who invested $15.4 million in September 2023 to keep BCH afloat amid bearish headwinds.
Bitcoin Cash (BCH) in Numbers
The whales who possess 1,000 to 100,000 BCH coins have significantly influenced the rise of Bitcoin Cash in the list of top gainers this week. Despite the recent double-digit price gains, BCH has not yet gained significant attention from many retail market participants.
BCH’s Social Dominance data indicates that retail investors have not yet joined the BCH price rally. However, on-chain data analysis examines several key indicators that could potentially drive BCH’s price toward the $300 mark during the next bull rally.
The data also analyzes the potential extent of the BCH price rally if the upcoming Fed rate announcement on September 20 favors risk-on assets. It is worth mentioning that corporate entities are sensitive to changes in interest rates set by central banks such as the Federal Reserve, as it affects the yield obtained from other investment alternatives.
Considering the anticipated rate freeze by Reuters economists, it is likely that BCH whales will increase their buying trend after the September 20th Federal Reserve Meeting.
In conclusion, Bitcoin Cash (BCH) has been experiencing a resurgence in the market due to bullish whales who invested $15.4 million in September 2023 to keep BCH afloat amid a downtrend crypto market.
The uptrend in BCH’s price could continue if the upcoming Fed rate announcement on September 20 bodes well for risk-on assets. Despite recent double-digit price gains, Bitcoin Cash is still not getting significant support from the majority of the retail market participants.
