• Bitcoin Cash (BCH) has seen an increase of 21% in the last seven days, with prices rising to $295.
• Whales have stopped buying BCH since the start of July after aggressively amassing it in June.
• Analysts predict a potential bearish run if whales continue to remain neutral and user activities on the network continue to decline.
Bitcoin Cash Price Skyrockets
Bitcoin Cash (BCH) has seen a surge of 21 percent over the last seven days, with prices currently trading at $295. This comes after a 13 percent price correction at the start of July, following its 150 percent gains in June when it traded above $300 for the first time since May 2022.
Whales Go on a Buying Spree
Whales possessing 1 million to 10 million coins have been credited as the catalyst for this rally, with 170,000 BCH ($52.4 million) being purchased between June 21 and 30. However, whales have unexpectedly stopped buying BCH since July 1st, leaving their total balance at around 1.51 million BCH between July 1 and 4th. The increasing whale wallet balance was pushing up asset prices due to their power and influence according to reports. As of June 28th, 376,000 active users were recorded on the network – this is said to be a recent high.
SEC Lawsuit Against Coinbase & Binance Boosts Demand
The US Securities and Exchange Commission’s lawsuit against Coinbase and Binance is also seen as another factor behind increased demand for cryptocurrencies like Bitcoin Cash as investors move away from Proof of Work assets such as Solana and Cardano.
Analysts Predict Pullback In Near-Term
Despite having a bullish sentiment among traders and investors alike, market data suggests that demand for Bitcoin Cash is slowly declining – with daily active addresses dropping by 23 percent to 309,000 on July 4th . Analyst predictions point towards a potential bearish run if whales continue to remain neutral and user activities on the network continue to decline – potentially sending prices below $250 unless support can be found around $265 depending on market reaction .
Is Now A Good Time To Fill Your Bags?
Given this situation , it remains uncertain whether now is indeed an ideal time to fill your bags with Bitcoin Cash or not . Given that whales have stopped accumulating bitcoins , it could mean that they believe there are better investments out there than Bitcoin Cash , or it could indicate that they simply believe that now isn’t the right moment for investing . It’s hard to tell either way , but cautiousness should still be exercised when making any decisions regarding investments in cryptocurrency markets .