After failing to break through the $35,000 mark, the BTC price fell back to $34,500. But what about the others? The increased volatility in Bitcoin‘s price has also had a positive impact on altcoins. In the midst of excessive optimism about the end of the bear market, we have seen cryptocurrencies double in value. So, what are the predictions for BCH Coin?
Miners have a significant influence on the price of PoW-based cryptocurrencies. Before the recent rally began, Dogecoin miners were also exerting significant downward pressure on the price. Similarly, in the case of altcoins like SOL and LINK, it was the miners who were suppressing the price of BCH.
According to the IntoTheBlock chart, the cumulative balance of miners, which was 6.59 million on September 29, has now decreased to 5.81 million. This indicates that miners have been selling a significant amount of their holdings as market sentiment recovers.
Miners who sold 780,000 BCH have clearly expressed their medium and long-term expectations. Despite the overall positive market sentiment and BTC surpassing its 17-month high, senior BCH miners believe that taking profits is the more sensible option.
The performance of BCH Coin, which lags behind the top 20 cryptocurrencies, will be determined by miners. If they stop transferring to exchanges after the $200 million sale, this BTC rival altcoin could start to rise.
So, what are the whales doing while the sales continue? During the same period, whales accumulated a total of $10.2 million. This indicates that the miner sales are distributed among smaller wallets. If whales continue to accumulate like small investors, we could see the price reach $300. In fact, under normal circumstances, if miners had not released such a large supply, the price we see today would likely be around $300.
The $280 resistance level appears to be challenging, and bears will strive to pull the price down to $200. The correction tendency of BTC after its recent test of $35,000 also suggests that support in the overall market sentiment may weaken.
Investors will have to choose between the $225 and $200 support levels and the $280 and $300 resistance levels. At the time of writing this article, BCH Coin is trading around $250, while BTC finds buyers at $34,591. Gensler’s (unsurprising and consistent) anti-crypto statements at the time of writing this article have pushed the price down somewhat.