Cryptocurrency Winter Scope: 70,000 Bitcoin Millionaires Shook in 2022

With the advent of the new year, Bitcoin price analyst predictions have come to a halt. Meanwhile, a survey of the damage caused by the prolonged crypto winter of 2022 showed that the number of BTC wallet addresses is 70,000 fewer with Bitcoin worth $1 million or more.

It’s now been over a year since Bitcoin (BTC) last recorded a record high of $68,789 on November 10, 2021. Since then, at today’s fair market price on cryptocurrency exchanges of around $16,900 a coin, Bitcoin is down 75%. for a high record.

That was only 13 months ago, but the return on investment depends entirely on the individual cost base and whether it makes a loss or a profit at the current prices of BTC. They’ve been consistently under $20,000 now since September. Cryptocurrency prices in the markets continue to make huge markdowns as more and more bad news spreads about CeFi bankruptcies and DeFi hacks.

Bitcoin price forecast for 2023

With the price declining noisily over the past 12 months and since November 2021 ATH, investors are looking for that comforting rally. Before September, they were hoping that the key strong psychological support at $20,000 would hold until another bull market.

Now they are only hoping to return to $20,000. Meanwhile, as regulatory consensus increases, wealthy institutional investors in pursuit of high-performance ROI prepare to boost the fortunes of the Bitcoin markets.

One analyst estimate, that of Mark Mobius, who made his name trading at Franklin Templeton Investments, is that the bitcoin price will drop another 70% to $10,000. He bases his guess on higher interest rates and further tightening of central bank policy. Public.

Other analysts remain bullish. They range from $50,000 in the third or fourth quarter, according to Professor Carroll Alexander (University of Sussex), to $250,000 per bitcoin, according to venture capitalist Tim Draper.

Draper says that when women start embracing Bitcoin, that’s when they make the price move. He says he expects that by mid-2023:

“I think that with women controlling 80% of retail spending, and only 1 in 7 bitcoin wallets are currently held by women, the dam is about to break.”

Meanwhile, the on-chain data reveals a very different bitcoin ecosystem than the one flowing with capital and scale during the bubble that ended in 2021.

If Series data is bleak for investors

It was a different picture in May 2021 when cryptocurrency summer was still in full swing. At that time, the total market capitalization of Bitcoin was $1 trillion.

At that time, on-chain data revealed that the number of Bitcoin addresses with $1,000,000 or more in Bitcoin holdings had crossed the 100,000 threshold.

This represents an increase of 400% from the level of 25,000 five months ago.

Today is a different story. There are now 70,000 fewer Bitcoin addresses holding $1 million or more in the gold standard cryptocurrency in the past year. While the blockchain started in 2022 with over 99,000 millionaire addresses, it entered January 2023 with approximately 24,391 millionaire wallet addresses.

This does not necessarily mean that there are fewer millionaires. It is possible that they distributed their possessions to several addresses.

But in general, this is due to the deep freeze in cryptocurrency prices. If they come back again, with renewed interest from private and professional investors, especially in large institutional funds, those numbers will rise again.

The post The Scope of Crypto Winter: 70K BTC Millionaires Beat It in 2022 appeared first on CryptoPotato.

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