Bitcoin Price Prediction as BTC Bounces From Support and Heads Higher – Can BTC Surge Past $30,000 Soon?

cryptonews.com:

Bitcoin's price shows promising signs as it rebounds from support levels and heads higher. As investors wonder whether BTC can soon surpass the $30,000 mark, market analysis helps make informed predictions about its future trajectory.

The core network activity displayed a positive outlook amid the broader market recovery. Data compiled for Q1 shows that Bitcoin exceeded 800 million transactions, amounting to over $107 trillion cumulatively since its inception in 2008.

Despite the bear market, active addresses on the Bitcoin network have consistently risen. The distributed supply also increased, with entities holding less than 10 BTC accounting for 17% of the total supply. 

The Taproot soft fork, which took effect last November, enabled the emergence of Ordinals and BRC-20 tokens on Bitcoin. While controversial, Taproot adoption and utilization have grown significantly. The surge in transaction count is expected to generate more revenue for miners through transaction fees. 

The increase in total transaction fees and the percentage of miner revenue from fees indicate Bitcoin's sustainable security model. The network hash rate remains near all-time highs, reaching a record 400 Eh/s, supporting the struggling mining sector.

Bitcoin's Lightning Network capacity also jumped past $50 million. Although adoption has been slow, recent developments are promising. A report from Valkyrie Investments highlighted increasing LN adoption in emerging markets like South America and Africa, mainly due to the LN mobile payment app Strike.

Bitcoin outperformed most assets in Q1, reflecting its growing appeal as a digital store of value. According to ITB research, its correlation with gold prices increased from -0.3 at the beginning of the year to