Bitcoinย (BTC) price has delivered a seesaw performance in May 2023. Onย theย otherย hand, so far, the bulls have defended the $25,000 levelย ofย support. On-chain data now flashes green indicates suggesting another breakout toward $30,000. Will the โPizza Dayโ activities move the needle to validate the positive Bitcoin price prediction?ย
On May 5, 2023, Bitcoin dropped below $29,000 as markets responded to the Unitedย States debt-ceiling crisis. Nonetheless, the fee hike triggered by a spike in BRC-20 Ordinals transactions likewise exacerbated the Bitcoin price correction.ย
Asย aย result to the fee hike, investors have turned to alternative blockchainย tech networks like Litecoin for cost-effective transactions. As the infamous โPizza Dayโ event is marked worldwide, on-chain data shows that the demand for Bitcoin is growing while transaction charges are dropping.ย
Bitcoinย (BTC) Charges Have crashed to โPre-Ordinalsโ Levels.ย
Bitcoinย (BTC) charges are now back to the levels before theย pastย few spike in BRC-20 Ordinals transactions. Total daily Bitcoin charges now sit at $1.93, down 89 percent from theย pastย few peak of $17.85 Million recorded on May 8.ย
Total Charges estimates the aggregate total amount users have spent to transact on a blockchainย tech duringย a given period. Andย once transaction charges boost, it dissuades users from carrying out transactions leading to a fall in network traction and, inย theย end, a price decline.ย
As the congestion on the Bitcoinย (BTC) network dissipates and charges continue to fall, Bitcoin prices could gain momentum in the coming days.ย
Demand for Bitcoin is On the Rise
Moreso, between other factors, it appears that the fall in charges has translated into an boostย in demand for BTC. As presented in the chart below, the aggregate order books of exchanges show that Bitcoin buy-orders have onceย more hadย moreย than the market supply.ย ย
Asย ofย now, investors have placed limit orders to buy 26,700 BTC. Onย theย otherย hand, in confirmation of the positiveย tendency stance, Bitcoinย (BTC) traders have only put 19,000 coins up for sale around theย present prices.
The Exchange Market Depth metric provides an aggregate of all limit orders placed on recognized exchanges by Bitcoinย (BTC) traders universally. And with theย present excess market demand of 7,700 BTC, prices are likely to boost as buyers begin to compete.ย
Inย conclusion, if the Network Charges continue to fall, demand will likely increase further. And inย theย end, the $30,000 Bitcoin priceย forecast will likely be validated.ย
Bitcoin Price Prediction: The Bulls Could Reclaim $30,000
IntoTheBlockโs In/Out of the Money Price Distribution data indicates that Bitcoinย (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 isย still onceย more trigger a pullback.
Nevertheless, as predicted, those holders could turnย positiveย tendency with strong positiveย tendency momentum. If that happens, Bitcoin can break out and rally toward $30,400.ย
Still, the bears can invalidate the positiveย tendency Bitcoin priceย forecast if the Bitcoin price falls below $26,000. Onย theย otherย hand, the 251,000 investors that purchased 238,000 Bitcoin at the average price of $26,021 can offer some support.ย
Onย theย otherย hand, failure to hold that key levelย ofย support could cause Bitcoin to fall further toward $25,200.
The post Bitcoinย (BTC) Price Set for โPizza Dayโ Jump? โ What to Expect? appeared 1st on BeInCrypto.
