70,000 BTC millionaires rocked in 2022

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Along with the turnover in the new year, Bitcoin price analyst forecasts are out. Meanwhile, a survey of damage from the extended crypto winter of 2022 shows 70,000 fewer BTC wallet addresses with $1 million USD worth of Bitcoin or more.

It has now been over a year since the last all-time high Bitcoin (BTC) price of $68,789 on November 10, 2021. Since then, at the current fair market price on crypto exchanges of around $16,900 for the coin, the price of Bitcoin had fallen 75% from the record high.

That was just 13 months ago, but the ROI is entirely dependent on the individual cost base and whether it’s a loss or a profit at current BTC prices. They have been consistently below $20,000 now since September. Crypto prices in the markets continue to see massive writedowns as more bad news about CeFi insolvencies and DeFi hacks unfolds.

Bitcoin price prediction for 2023 released

With the tumultuous fall in prices over the past twelve months and since the November 2021 ATH, investors are looking for that relief rally. Before September, they hoped that the strong psychological key support at $20,000 would persist until another bull market.

Now they’re just hoping they can get back to $20,000. Meanwhile, as the regulatory consensus strengthens, deep-pocketed institutional investors looking for a strong return on investment are poised to support the fortunes of BTC markets.

According to an analyst estimate, that of Mark Mobius, who made his name at Franklin Templeton Investments, the price of Bitcoin will plunge another 70% to $10,000. He bases his guess on rising interest rates and tightening central bank policy over the next year.

Still, other analysts have optimistic bullish projections. They range from $50,000 in the third or fourth quarter, according to Professor Carol Alexander (University of Sussex), to $250,000 per BTC, according to venture capitalist Tim Draper.

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

“My hypothesis is that since women control 80% of retail spending and only 1 in 7 bitcoin wallets are currently held by women, the dam is about to burst.”

In the meantime, the on-chain data reveals a radically different Bitcoin ecosystem from the one that was teeming with capital and volume during the bubble that ended in 2021.

On the dark data channel for investors

It was a different picture in May 2021 when the crypto summer was still raging. At that time, the total market cap of Bitcoin was $1 trillion.

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

This represented a 400% increase from the level of 25,000 five months earlier.

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

This does not necessarily mean that there are far fewer millionaires. It is possible that they have spread their holdings over several addresses.

But overall, this is attributable to the deep freeze in crypto prices. If they come back, with renewed interest from retail and professional investors, especially large institutional funds, those numbers will pick up right away.

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