Bitcoin's impressive 2023 rally is predicted to continue by Bank of America strategists Alkesh Shah and Andrew Moss, Bloomberg reports.
This forecast is based on the recent flow of funds between crypto exchanges and personal digital wallets.
In the week leading up to Apr. 4, a net total of $368 million in Bitcoin was transferred to personal wallets, marking the year's second-largest net Bitcoin outflow from crypto exchanges.
Shah and Moss believe that this trend suggests a decrease in sell pressure as investors typically move tokens from exchange wallets to personal wallets when they plan to hold or "HODL" them.
Bitcoin has experienced strong price appreciation in recent months, with a 70% increase in the past quarter and a 43% increase in the last month alone.As reported by U.Today, prominent cryptocurrency investor Mike Novogratz, shared his thoughts on Bitcoin's surge above $30,000 in a recent CNBC interview, noting that it has not been driven by institutional investors.
John Bollinger, the creator of Bollinger Bands and a well-known technical analyst, also weighed in on the matter, suggesting that Bitcoin is on the verge of experiencing a squeeze.
This sentiment was echoed by renowned trader Peter Brandt, who, in light of Bitcoin's rise to $29,000, took to Twitter to predict an imminent breakout for the flagship cryptocurrency.