The Scope of Crypto Winter: 70K BTC Millionaires Shook Out in 2022

Bitcoin price expert predictions have been released with the start of the new year. Meanwhile, an assessment of the fallout from the protracted 2022 crypto winter reveals 70K fewer BTC wallet addresses holding $1 million USD or more in Bitcoin.

It's been more than a year since Bitcoin's (BTC) all-time high of $68,789 on November 10, 2021. Since then, the Bitcoin price has fallen 75% from its all-time high, to roughly $16,900 on cryptocurrency markets today.

That was only 13 months ago, however the return on investment is entirely dependent on the particular cost basis and whether it is in a loss or profit at current BTC pricing. Since September, they have regularly been below $20,000 per month. Crypto prices continue to plummet across markets as more bad news regarding CeFi insolvencies and DeFi hacks emerges.

Bitcoin Price Predictions for 2023 Are Out

Investors are looking for a rescue rally after the price has been dropping for the past twelve months and since the Nov 2021 ATH. Prior to September, they hoped that the strong psychological critical support of $20,000 would hold until the next bull market.

They're simply hoping they'll be able to get back to $20,000. Meanwhile, as regulatory agreement solidifies, institutional investors with huge pockets seeking high-performing ROI are ready to boost the fortunes of BTC markets.

According to Mark Mobius, a former trader at Franklin Templeton Investments, the price of Bitcoin will fall another 70% to $10,000. He grounds his forecast on rising interest rates and tighter monetary policy over the coming year.

Nonetheless, other analysts are forecasting a rosy future. According to Prof. Carol Alexander (Sussex University), they vary from $50,000 by Q3 or Q4, to as much as $250,000 per BTC, according to venture entrepreneur Tim Draper.

Draper believes that when women begin to adopt Bitcoin, the price will experience a meteoric rise. He anticipates it by mid-2023:

“My assumption is that the dam is going to break because women control 80% of retail spending and just 1 in 7 bitcoin wallets are now controlled by women.”

Meanwhile, on-chain data show a very different Bitcoin ecosystem than the one that was flooded with capital and volume during the bubble that ended in 2021.

On Chain Data Gloomy for Investors

It was a different story in May 2021, when the crypto summer was still in full swing. At the moment, Bitcoin's total market capitalization was $1 trillion.

On-chain statistics revealed at the time that the number of Bitcoin addresses holding $1,000,000 or more USD in Bitcoin had surpassed the 100,000 mark.

This was a 400% rise from the 25,000 level five months prior.

Today, things are different. Over the previous year, there have been 70,000 fewer Bitcoin addresses holding one million USD or more of the gold standard cryptocurrency. Whereas the blockchain began 2022 with over 99,000 millionaire addresses, it enters January 2023 with approximately 24,391 millionaire wallet addresses.

That doesn't necessarily imply that there are fewer millionaires. It's likely that they've distributed their possessions across multiple addresses.

However, the overall cause is the bitcoin price freeze. If they swing back, with fresh interest from consumers and professional investors, particularly at large institutional funds, those numbers will skyrocket.

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