Explanation

Fees will continue to grow as a % of miner revenue, as a result of Bitcoin halving events. Consequently, we can assume that fees will grow as a percentage of Transaction Value; unless we see a significant rise in value transacted over the blockchain.

At times, fees become too high. For example, if the network experiences a significant drop in hashrate, and miners are not compensated with a lower network difficulty then network participates will have to pay more in fees to get their transaction verified quickly.

High fees relative to transaction value signals a stalling network. Alternatively, a low relative fee signals a cheaper-to-use network, which tends to be a bullish signal.