Bank of America: The Bitcoin Rally Will Continue
According to Bank of America analysts, the growth in the BTC price recorded since the beginning of the year is likely to continue.
Alkesh Shah and Andrew Moss have reached this conclusion based on Bitcoin outflows from exchange to personal wallets. For the week ending last April 4, the outflow amounted to $368 million in cryptocurrencies.
They have written:
“Investors transfer tokens from exchange wallets to their personal wallets when they intend to hold them (or HODL), indicating a potential decrease in sell pressure.”
Subscribe to our Telegram channel to get daily short digests about events that shape the crypto world
They have admitted the withdrawal of funds may be due to concerns about regulatory pressure on the platforms.
Recall that last April 11, the price of Bitcoin surpassed the $30,000 mark for the first time since June 2022. Since December 31, the price of the asset has risen by more than 80%, whereas the Nasdaq 100 index has added 19% during this time.