As depicted above, there have been frenetic swings in the Bitcoin Cash whales activities over the past month. Following the Bitcoin Cash halving event on April 3, the whales entered a major sell-off frenzy, cutting down their balances to 4.17 million at close of April 13, which played a pivotal role in what became a 43% price crash by the end of the month.
However, as the post-halving market FUD (Fear Uncertainty and Doubt) eased up, the resurgent whale appears to have returned to accumulation mode in May 2024.
The chart above shows that since BCH price rally halted on May 7, rather than join the selling frenzy, the whales rapidly acquired 100,000 BCH behind the scenes.
Valued at the current BCH price, the whales have effectively invested approximately $50 million within the last 48 hours.
Given that whale investors often have longer-term investment horizon, taking out such a large amount of coin from the circulating supply could set BCH up for a price breakout towards $600 as May 2024 unfolds.
More so, seeing whales enter buying mode, strategic bull traders on the sidelines could consider it a positive signal to enter the fray in the day ahead, injecting fresh capital inflows and ultimately driving the next phase of the Bitcoin Cash price rally in May 2024.
Bitcoin Cash Price Forecast: $600 Target in Focus
Bitcoin Cash price is currently hovering around the $450 mark at the time of writing on May 9 down 9% from monthly peak of $493. However, whales accumulating $50 million worth of BCH in the last 48-hours, signals that investors can anticipate an imminent price rebound towards $600 in the coming days.
But to validate this bullish BCH price forecast, bulls must first establish a steady support cluster above the 20-day SMA price level at $470.
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