At the beginning it was always intended that Bitcoin’s user growth and price should move in tandem. Lately this has proven to not be the case as the price has been left in the dust by the user growth over the last eight weeks.
Defining user growth with the number of wallets is a bit naive. You don't know how many people actually use crypto actively, and one person can have more than 10 address. I think determining how many people are actively participating in the crypto ecosystem by looking at the number of active trades in exchange is better than looking at how many addresses were created/has transaction history.