Bitcoin causes anxiety when it sets a record of 8 red weekly candles and is predicted that the price can still continue to fall

Bitcoin targets record 8th weekly red candle while BTC price limits losses at the end of the week

Bitcoins held on exchanges continue to fall

Amid the market ravages associated with Terra’s recent crash, BTC sent to exchanges saw a brief spike on May 7, up more than 2% from 2,481 million BTC to 2,532 million BTC. Despite the recent increase in Bitcoin sent to trading platforms, the number of Bitcoins on exchanges today is lower than ever.

Bitcoin continues to be removed from centralized cryptocurrency exchanges as the number is much lower than the low recorded on November 15, 2020. Prior to 248 days, on March 12, 2020, a day after the infamous “Black Thursday” more than 3 million BTC were held on centralized digital currency trading platforms.

During that time frame, the amount of BTC held on exchanges dropped 15.86% on March 12 from 3 million BTC to 2,524 BTC on November 15, 2020. In recent times, the amount of BTC held on exchanges has been lower and in May the index hit two significant lows.

Bitcoin is predicted to continue falling

Galaxy Digital CEO and Bitcoin (BTC) investor Mike Novogratz has issued a warning to crypto traders, saying that altcoins are still subject to massive depreciation.

Novogratz told his 463,600 Twitter followers that altcoins are still at risk of losing more than half their value even if they have fallen far from all-time highs. BTC will likely drop another 70%.

Besides, the popular author of the bestselling book Rich Dad Poor Dad, Robert Kiyosaki, has explained why he remains bullish on BTC. He is waiting for the cryptocurrency to test a new low before joining, pointing out BTC could drop to $9K.

Crypto Rover Twitter account also shared unable to earn BTC income for 12 hours

Despite the downtrend, the market hopes that the green color of BTC will return next week.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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