Despite 2022 being a rough year for crypto, many crypto enthusiasts still maintain a positive outlook for the industry. Previous forecasts of bitcoin reaching $1 million seem highly unrealistic now. Yet, some bold predictions suggest that bitcoin would be worth $250,000-$300,000 as soon as this year. Analysts at Glassnode are rather optimistic about the future of the crypto market. Their optimism is based on the bitcoin accumulation trend observed in recent months. This may indicate that the price of a token will be gradually going up. According to Glassnode, speculators who buy the asset at the low to sell it later when the price increases have left the market. Now, serious investors whose strategy is to accumulate and hold coins are back in the game. Data from Glassnode shows that the number of bitcoin wallets holding at least 0.1 BTC reached an all-time high in early December. What is more, bitcoin addresses with 1 to 10 coins have crossed the 800,000-count milestone for the first time on record. Five years ago, bitcoin surged from $1,000 to almost $20,000. Drawing a parallel with 2017, crypto experts predict that bitcoin could accelerate to $300,000 and above if a similar bullish rally takes place. Thus, billionaire venture capital investor Tim Draper still believes that BTC is set to hit $250,000 by the end of 2023.
