Last Updated: 26 August 2022
Bitcoin is going through an extremely difficult period in terms of price in 2022. The past bull run has brought what everyone hoped for and the bitcoin price of $100,000 has never been close. However, on a fundamental level, bitcoin continues to make the strides necessary to ever reach that price.
All-time high
The number of wallets with a balance of at least 1 bitcoin continues to post new all-time highs. At the time of writing, there are over 898,000 addresses holding at least 1 bitcoin.
Addresses with a balance of at least 1 #Bitcoin continues to reach all-time highs, now over 898K addresses. pic.twitter.com/mSYUxMJTfC
— On-Chain College (@OnChainCollege) August 25, 2022
This is an impressive number, but it does not necessarily mean that there are 898,000 people with at least one bitcoin. After all, it is quite possible that people keep their bitcoin at multiple addresses.
However, judging by the huge increase in the chart, the hodlers do seem to be taking advantage of the falling bitcoin price. While the price has dropped significantly, the number of wallets with at least 1 bitcoin is increasing explosively. The hodl army continues to ‘bite the bullet’ of 21 million bitcoin.
Where is the bottom?
Of course, this development once again fuels the discussion about the bottom. Not long ago, bitcoin reached the $25,000 mark again, and optimism was high. After all, from the provisional bottom of the bear market of $17,600, bitcoin had taken a substantial rise with this.
However, last Friday, a large part of this rise was given up with a fall back to around $20,700. Now, we have risen a little, but we are not really ‘back’ yet. It remains to be seen whether the bear market is really over.
No one knows where the exact #Bitcoin bottom will be but I like to make decisions for the long term based on historical and probabilistic thinking… pic.twitter.com/2FwbBGmDZ5
— On-Chain College (@OnChainCollege) August 24, 2022
On-Chain College writes on Twitter that the SOPR Ratio is currently indicating a bottom. “Nobody knows exactly where the bottom is, but based on history and probability, this might be a good time,” the analyst said on Twitter.
