As usual I will begin this post by first extending a fraternal thank you to the @LeoFinance community for the constant support it provides to my blog, and also to its members for each of the comments they leave on my articles about trading and economic and financial information related to the world of cryptocurrencies.
Having mentioned the above, it is time to start exposing some approaches to the price action of cryptocurrencies and the likelihood that prices may fall to lower levels, it is to indicate that the cryptocurrency market in the last week has depreciated more than 7%, an action that has been interpreted as a necessary price correction before continuing its upward projection.
However, according to data reported in Cointelegraph, in addition to the depreciation of more than 7% in the last week, it should also be noted that withdrawals from BTC exchanges have reached record levels, which has caused Bitcoin to fluctuate near $41,000.
The truth is, analysts agree that even though cryptocurrency exchanges were losing their BTC reserves at a rate rarely seen before, it is a positive move, as this implies that any increase in demand would compete with a rapidly diminishing supply, further boosting price performance.
In relation to the above, it has also been mentioned that peak withdrawals from exchanges are a much debated phenomenon, and enthusiasm among experts has increased this year in line with accelerating demand, behavior that will undoubtedly be able to drive the price of Bitcoin to historic levels at the close of this year.
I would like to know your point of view on the issues raised here.
SOURCES CONSULTED
TheTimesOfIndia Bitcoin retains $41K as BTC exchange withdrawals match record levels. Link
OBSERVATION:
The cover image was designed by the author: 
@lupafilotaxia, incorporating image: Thecoin
@lupafilotaxia, incorporating image: Thecoin