- Users are transferring their Bitcoins from wallets to exchanges
- This could lead to a massive sell-off that sets the price to $40K – $42K
- The even can also be the start of the much-awaited alt season
The CEO of South Korea’s CrytpoQuant, Ki Young Ju also mentioned that most of the Bitcoins went to Gemini, the US-based exchange.
In the Telegram channel of Singapore-based QCP Capital, they wrote that Bitcoin might fall to a range of 40K before finding a new technical support level. But for Bitcoin to keep up its strong bullish momentum, it needs to hold on to the $40,000 level.
While Bitcoin is going down, the cases for altcoins is different. Popular altcoins like Ethereum, Cardano, Polkadot, and Binance Coin are seeing traction. A crypto fund even started liquidating their Bitcoins to invest in ADA and DOT.