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Bitcoin (BTC) Price Prediction for May 2023: On-Chain Data Shows Positive Signals for Another Breakout Toward $30,000 Amidst Drop in Transaction Fees and Increased Demand

Bitcoin's price has been fluctuating in May 2023, but it has remained above the $25,000 support level. On-chain data suggests that BTC may break out towards $30,000, and the upcoming "Pizza Day" event could validate this prediction. BTC prices dropped below $29,000 due to the US debt-ceiling crisis and a spike in BRC-20 Ordinals transactions, which triggered a fee hike.

However, as transaction fees have dropped, demand for BTC has increased, and the excess market demand of 7,700 BTC could lead to a rise in prices. If network fees continue to drop, the $30,000 BTC price prediction may be validated.

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