Bitcoin’s old 2017 high remains a key level for long-term investment, data shows.
Millionaires are made when the price of BTC exceeds $20,000 according to data.
According to on-chain analytics firm Glassnode, there are currently more than 67,000 BTC wallets worth at least $1 million.
$20,000 will make 50-BTC buyers happy
Bitcoin is famous for its connection to the price of $20,000.
After Bitcoin’s all-time high in the previous half-cycle, the famous $20,000 is more than just a technical and psychological line in the sand.
As Glassnode now shows, when BTC/USD crosses this price point, many players gain or lose USD millionaire status.
In 2022, for example, when Bitcoin dropped below $20,000 due to the FTX scandal, the wallets of “millionaires” dropped like a stone overnight.
Fast forward to January 2023 and the opposite can be seen – as soon as BTC/USD regained the $20,000 mark, wallets appeared in droves.
On January 13, BTC/USD was below $20,000 with 27,000 wallets with balances of $1 million or more.
On January 14th, this collection of wallets grew to 65,000, while the price increased by $1,000. Many wallets hold exactly 50 BTC.
For reference: At Bitcoin’s most recent peak in November 2021, there were a total of 113,000 wallets worth at least $1 million.
About a million “collaborators”
According to Cointelegraph, the wealth of hodlers increased significantly in the first months of 2023.
Related: Bitcoin Exchanges Now Own 16% Less BTC Than Ancient Hodelers
In 2022, Millionaires aren’t the only ones who will see a critical financial need disappear in the bear market of 2022 – both long and short holders will be confused and even refuse to withdraw money.
Meanwhile, the number of so-called “wholecoiners” – wallets with a balance of at least 1 BTC – continues to follow the million mark for the first time in Bitcoin history.
On February 28, there are 982,726 such wallets, according to Glassnode.