As the star cryptocurrency, Bitcoin, floats in the same micro range, the bearish clouds have completely encircled the cryptocurrency field. Additionally, the price behaviour at the moment suggests that it may fall below the $27,000 crucial level. Despite the fact that volume has considerably decreased since the start of the year, the price has continued to rise significantly.
Therefore, it can be argued that, compared to their impact through 2022, bears have stayed mainly inactive. This might have a significant impact on the price, which experts predict will stabilise at $27,000 or just slightly above or below these levels.
The primary causes for why BTC prices may continue to move sideways through the end of Q2 2023 are listed below –
• Massive Drop in the Transaction Volume
• Moderate Rise in the Supply on Exchanges
• Notable Drop in the Daily Active Address
New tokens have recently created a lot of commotion in the cryptocurrency sector, notably PEPE and the BRC-20 tokens, which has partially decreased demand for the larger tokens. Therefore, the current meme-coin trend is anticipated to remain, which could force the price of Bitcoin (BTC) to consolidate within small ranges. As per coinpedia analyst a fine rebound may trigger that may revamp of a fine bullish trend lifting the price back above $30,000 in the next couple of months.
Reference - https://coinpedia.org/price-prediction/bitcoin-price-prediction/