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Bitcoin Surge: Bank of America Anticipates Sustained Rally

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Wed, 12/04/2023 - 6:00
Bitcoin Surge: Bank of America Anticipates Sustained Rally
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Bitcoin's impressive 2023 rally is predicted to continue by Bank of America strategists Alkesh Shah and Andrew Moss, Bloomberg reports

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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.

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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.  

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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.

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