- 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
After going through a new all-time high, Bitcoin price faced a significant amount of sell-off pressure and dropped down to the $45K – $46K range at the time of writing.
A few days ago, a huge amount of Bitcoins were transferred from personal wallets to exchanges. According to blockchain analytics firm Glassnode, 40,000 BTC were put in exchanges since Friday.
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.