Bitcoin Cash (BCH) price found support in the $450 range on Wednesday, May 9, after bears avoided a retest of $500 48 hours ago.

Crypto whale investors have been spotted taking advantage of this week’s pullback in BCH prices to accumulate holdings. Will Bitcoin Cash Price Surpass $600 in May 2024?

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Is the Bitcoin Cash price rising?

Bitcoin Cash price resumed its upward momentum in May 2024 after a post-halving sell-off triggered a 40% pullback in April. The BCH halving, which took place on April 3, sparked fears of a major market crash, prompting investors to be cautious about BCH over the past month.

Bitcoin Cash BCH Price Action

Such concerns appear to have eased as BCH began posting six consecutive green candles in May 2024, posting a massive 25% gain in the process.

As mentioned above, the BCH price rally hit a barrier in the $500 range on Tuesday, May 7. Exhausted bulls and wavering traders succumbed to a 9% BCH pullback within 48 hours, with prices plummeting to the $448 mark at the time of writing on May 9.

Bitcoin Cash Whale Invests $60 Million After Halving Selloff

In addition to the 9% price reduction, the on-chain volatility observed among whale investors suggests that Bitcoin Cash’s rally is far from over.

The Santiment chart below shows the historical changes in the amount of coins held by whale wallets that hold at least 100,000 BCH (about $44.8 million). This provides data-driven insights into the real-time fluctuations in whale trading activity on any blockchain network.

Bitcoin Cash Price and BCH Whales Wallet Balance | Santiment

As mentioned above, the past month has seen wild swings in Bitcoin Cash whale activity. Following the Bitcoin Cash halving event on April 3, whales went into a massive selling spree that reduced their balance to 4.17 million at the close of April 13, playing a key role in the 43% price crash at the end of the month.

However, as market FUD (fear, uncertainty, and doubt) eased after the halving, resurgent whales appeared to resume accumulation mode in May 2024.

The above chart shows that since the BCH price rally stopped on May 7, whales did not join the selling frenzy, but quickly obtained 100,000 BCH behind the scenes.

Based on the current price of BCH, whales have effectively invested about $50 million in the past 48 hours.

Given that whale investors typically have a longer-term investment horizon, removing such a large number of coins from the circulating coins could allow BCH prices to breakout to $600 in May 2024.

More importantly, seeing whales enter buying mode, strategic bull traders on the sidelines may view this as a positive sign and enter the fray in the coming day, injecting new capital inflows and ultimately driving the next leg up in Bitcoin Cash price in May 2024.

Bitcoin Cash Price Prediction: $600 Target in Focus

As of the time of writing on May 9, Bitcoin Cash price is currently hovering around $450, down 9% from its monthly peak of $493. However, whales have accumulated $50 million worth of BCH in the past 48 hours, suggesting that investors can expect an imminent rally to $600 in the coming days.

However, to validate this bullish BCH price prediction, the bulls must first establish a stable support cluster above the 20-day SMA price level of $470.

Bitcoin Cash BCH Price Prediction

The Bollinger Bands indicator further highlighted that the $470 resistance is the biggest near-term hurdle for a potential uptrend in BCH price.

As far as the near-term support levels are concerned, the bulls can rely on the $417.5 cluster to prevent a major price reversal in the coming days.