Bitcoins Pizza Day Surge: What to Expect?

Bitcoins Pizza Day Surge: What to Expect?

On-chain data suggests BTC could break out towards $30,000 as fees drop and demand rises, with potential bullish momentum from “Pizza Day” activities, but a drop below $26,000 could invalidate the prediction.

Bitcoin (BTC) price has delivered a seesaw performance in May 2023. On the other hand, so far, the bulls have defended the $25,000 level of support. On-chain data now flashes green indicates suggesting another breakout toward $30,000. Will the “Pizza Day” activities move the needle to validate the positive Bitcoin price prediction? 

On May 5, 2023, Bitcoin dropped below $29,000 as markets responded to the United States debt-ceiling crisis. Nonetheless, the fee hike triggered by a spike in BRC-20 Ordinals transactions likewise exacerbated the Bitcoin price correction. 

As a result to the fee hike, investors have turned to alternative blockchain tech networks like Litecoin for cost-effective transactions. As the infamous “Pizza Day” event is marked worldwide, on-chain data shows that the demand for Bitcoin is growing while transaction charges are dropping. 

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Bitcoin (BTC) Charges Have crashed to “Pre-Ordinals” Levels. 

Bitcoin (BTC) charges are now back to the levels before the past few spike in BRC-20 Ordinals transactions. Total daily Bitcoin charges now sit at $1.93, down 89 percent from the past few peak of $17.85 Million recorded on May 8. 

Total Charges estimates the aggregate total amount users have spent to transact on a blockchain tech during a given period. And once transaction charges boost, it dissuades users from carrying out transactions leading to a fall in network traction and, in the end, a price decline. 

As the congestion on the Bitcoin (BTC) network dissipates and charges continue to fall, Bitcoin prices could gain momentum in the coming days. 

Demand for Bitcoin is On the Rise

Moreso, between other factors, it appears that the fall in charges has translated into an boost in demand for BTC. As presented in the chart below, the aggregate order books of exchanges show that Bitcoin buy-orders have once more had more than the market supply.  

As of now, investors have placed limit orders to buy 26,700 BTC. On the other hand, in confirmation of the positive  tendency stance, Bitcoin (BTC) traders have only put 19,000 coins up for sale around the present prices.

Bitcoin (BTC) Price Prediction - May 2023. Agg. Exchange Order Books.
Bitcoin (BTC) Price Prediction – May 2023. Agg. Exchange Order Books. Source: IntoTheBlock

The Exchange Market Depth metric provides an aggregate of all limit orders placed on recognized exchanges by Bitcoin (BTC) traders universally. And with the present excess market demand of 7,700 BTC, prices are likely to boost as buyers begin to compete. 

In conclusion, if the Network Charges continue to fall, demand will likely increase further. And in the end, the $30,000 Bitcoin price forecast will likely be validated. 

Bitcoin Price Prediction: The Bulls Could Reclaim $30,000

IntoTheBlock’s In/Out of the Money Price Distribution data indicates that Bitcoin (BTC) could soon reclaim the $30,000 milestone.

Nonetheless, Bitcoin has struggled to break over the $27,700 resistance zone. The 2.18 Million investors purchased 820,000 Bitcoin at the maximum price of $27,700 could is still once more trigger a pullback.

Nevertheless, as predicted, those holders could turn  positive  tendency with strong positive  tendency momentum. If that happens, Bitcoin can break out and rally toward $30,400. 

Bitcoin (BTC) Price Prediction - May 2023 - IOMAP data.
Bitcoin (BTC) Price Prediction – May 2023 – IOMAP data. Source: IntoTheBlock

Still, the bears can invalidate the positive  tendency Bitcoin price forecast if the Bitcoin price falls below $26,000. On the other hand, the 251,000 investors that purchased 238,000 Bitcoin at the average price of $26,021 can offer some support. 

On the other hand, failure to hold that key level of support could cause Bitcoin to fall further toward $25,200.

The post Bitcoin (BTC) Price Set for ‘Pizza Day’ Jump? – What to Expect? appeared 1st on BeInCrypto.


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