The post Bitcoin Mania is Fading! Top Reasons Why BTC Price May Not Reach $35,000 in Q2 2023 appeared first on Coinpedia Fintech News
The bearish clouds have entirely surrounded the crypto space as the star crypto, Bitcoin hovers within the same micro range. Moreover, the current price action displays the possibility of plunging below the essential levels at $27,000. It has to be observed that the volume has drastically plunged since the beginning of the year, and despite this, the price has maintained a significant upswing.
Therefore, it can be assumed that the bears have remained largely passive compared to their impact through 2022. This may heavily impact the price, which is largely speculated to consolidate around $27,000 or slightly above or below these levels. Below are the top reasons why BTC prices may maintain a sideways trend until the end of Q2 2023.
Massive Drop in the Transaction Volume
The transaction volume has reached record levels and has been hovering around $10 billion since the beginning of the year. Currently, the latest drop has dragged the volume down, which reached close to $5 billion during the last trading day. The plunged volume indicates the drowning interest of the market participants in the star crypto, as the other tokens may have snatched the limelight.
Moderate Rise in the Supply on Exchanges
In the times when the BTC price maintained a significant upswing, the supply on the exchanges also maintained a fine rise. As the price reached yearly highs, the supply also reached its peak. After this, the price and supply have both been bearish, indicating the traders are intending to hold on to their wallets. However, the levels appear to have rebounded, indicating a shift in the mindset of the traders, who may bring back the tokens to either sell or swap.
Notable Drop in the Daily Active Address
The Daily Active Address is nothing but the address count of those addresses that have interacted with the platform. All the addresses are considered regardless of whether they have placed a buy, sell, or swap order. The rise in the levels indicated huge participation of the market participants while a drop could indicate a shift of focus to other tokens.
In recent times, new tokens like PEPE and the BRC-20 tokens have made huge noise within the crypto space which has also reduced the demand for the major tokens to some extent. Hence, the prevailing meme-coin trend is expected to continue which may compel the Bitcoin (BTC) price to consolidate within narrow ranges.
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