In 2023, Bitcoin’s BRC-20 and Inscriptions experienced significant growth, with the latter accounting for 21% of all transaction fees. Messari observed a surge in BRC-20 and other new transaction types, causing an influx in fees within BTC’s mempool.
Despite this, the Bitcoin price remains consolidated above $42,000, anticipating bullish signals expected to materialize by January 10, 2024. Bitcoin is entering a pivotal year in its history, with two major events poised to propel the digital asset. In anticipation of these developments, Messari, a crypto market intelligence data provider, has shared insights suggesting that Inscriptions could play a leading role in shaping 2024 for Bitcoin.
The Bitcoin Landscape in 2024
In Messari’s Crypto Theses 2024, the platform emphasized the expansion and influence of BRC-20, Ordinals, and Inscriptions. These emerging transaction types, coupled with Stamps and Runes, experienced substantial growth in the current year, inundating the Bitcoin mempool and causing a surge in transaction fees.
As outlined in the Theses, Inscriptions alone constituted approximately 21% of the overall transaction fees in 2023, based on data available as of December 10.
Bitcoin’s price remains stagnant; no notable movement observed.
The price of Bitcoin has been range-bound for almost the entire month, currently trading at $42,598. There is no clear indication of either an upward or downward trend, suggesting that Bitcoin is likely to maintain consolidation within the $42,069 and $44,006 range.
In the event of a breakthrough above the upper resistance of the range, a bullish breakout may ensue, potentially propelling BTC beyond $45,000.
However, should BTC drop below the support level of $42,000, a corrective move could lead it to $40,000, with an effort to test the 100-day Exponential Moving Average (EMA) line positioned at $42,000.