Bitcoin Cash Price Targets $650 Amid Drop in Whale Transactions to $200M
Bitcoin Cash reached a peak of $580 on August 4, gaining 6% in a day as altcoins rallied. In contrast, Bitcoin traded under $115,000 with less than 2% increase despite significant inflows from Metaplanet. Other leading altcoins like Ethereum and XRP also posted gains over 5%.
However, on-chain data shows decreasing whale activity for BCH, with large transactions dropping from above $900 million in July to below $200 million on August 3. This trend raises concerns about market sustainability.
- Limited whale participation suggests lower confidence among high-net-worth investors.
- The lack of liquidity may lead to increased price volatility.
- BCH's recent performance indicates a rising risk appetite among investors.
BCH closed at $560.70 with a 3% gain, having surpassed the $552.4 support level. Immediate resistance is noted between $580 and $590, with potential upward movement towards $650 if a daily close surpasses this range. Conversely, failure to maintain above $552 could retest the $530 support level.
Current momentum is neutral, with the Bull-Bear Power (BBP) at 28.6, indicating building but not strong momentum.
Bitcoin Cash Large Transactions Count | IntoTheBlock, Aug. 4, 2025
Bitcoin Cash Price Forecast
In the meantime, traders are exploring new opportunities, such as the ongoing presale for the Best Wallet token, which has raised $14.25 million. This initiative offers advantages including reduced trading fees and enhanced staking returns.
Best Wallet Token Presale