{"id":137015,"date":"2023-04-12T13:22:39","date_gmt":"2023-04-12T13:22:39","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=137015"},"modified":"2023-04-12T15:52:21","modified_gmt":"2023-04-12T15:52:21","slug":"will-bitcoin-btc-continue-its-bullish-momentum-bank-of-america-analysts-weigh-in","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/will-bitcoin-btc-continue-its-bullish-momentum-bank-of-america-analysts-weigh-in\/","title":{"rendered":"Will Bitcoin (BTC) Continue Its Bullish Momentum? Bank of America Analysts Weigh In"},"content":{"rendered":"

According to Bank of America (BofA) strategists Alkesh Shah and Andrew Moss, Bitcon’s (BTC) impressive rally since the onset of 2023, which has seen the cryptocurrency’s value surge past $30K, will continue if flows between cryptocurrency exchanges and personal digital wallets remain stable.<\/strong> <\/p>\n

The world’s largest token has been witnessing a spectacular spell since the beginning of this year. Although Bitcoin (BTC<\/a>) is at a record low from its all-time high in November 2021, the digital gold has performed significantly well in the Q1 of this year. On April 11, the largest digital asset breached the $30,000 level hitting a 10-month high since June 2022. <\/strong><\/p>\n

The flagship token is up almost 80% so far this year. Despite a slight drop in the last 24 hours, Bitcoin (BTC) managed to hold more than 5% gains on its weekly chart. According to CoinMarketCap, Bitcoin’s dominance also surged 0.47% in the past 24 hours to 47.47%.<\/p>\n

Experts Anticipate a Sustained Rally<\/h2>\n

In the wake of the recent price rally, Alkesh Shah and Andrew Moss forecasted<\/a> there may be still enough room for more gains as the recent flow of funds between crypto exchanges and personal digital wallets surged.<\/strong> The duo stated ln the week leading up to April 4, a net total of $368 million in Bitcoin (BTC) was transferred to personal wallets, marking the year’s second-largest net Bitcoin outflow from crypto exchanges.<\/p>\n

\"Experts<\/p>\n

They 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”<\/em> them. The strategy of holding for a long period helps the investors to escape from high volatile nature of the crypto market and not move with the market sentiment.<\/strong><\/p>\n

Both Shah and Moss explained the fervent United States crack down on crypto-based companies may have triggered the efflux from exchanges. The strategists wrote,<\/p>\n

“Investors transfer tokens from exchange wallets to their wallets when they intend to hold them, indicating a potential decrease in sell pressure.”<\/em><\/p>\n

Will Bitcoin Continue Its Bull Run?<\/h2>\n

It seems Bitcoin’s recent surge towards $30K has put forward hopes of a parabolic run in the next few weeks. The latest rally appears to be<\/strong> partly tied to the Federal Reserve\u2019s monetary policy as investors are now betting that the Fed will soon pause its rate increases<\/strong>.\u00a0 It also coincides with the turmoil in the banking sector last month with several industry advocates pointing to the recent rally as a sign that investors are converting some of their cash into digital currencies.<\/p>\n

\n

#Bitcoin<\/a> remains on course for $34,000 as the bullish megaphone pattern continues to dictate $BTC<\/a>'s trajectory! \ud83d\udc02 https:\/\/t.co\/QzPPhpmtCh<\/a> pic.twitter.com\/00fK5etnpN<\/a><\/p>\n

— Ali (@ali_charts) April 11, 2023<\/a><\/p><\/blockquote>\n