Bitcoin's 2023 rally set to continue, says BankofAmerica strategists
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.
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