According to Bank of America's strategist, there could be more potential for Bitcoin's rally in 2023 to continue

Bank of America suggests that there may be further room for Bitcoin's rally in 2023, with the movement of the asset between cryptocurrency exchanges and personal wallets being a key factor.

In the week of April 4, a significant amount of Bitcoin was transferred to personal wallets, leading to the second-largest outflow from crypto exchanges.

This transfer of tokens to personal wallets indicates a potential decrease in sell pressure and may be a result of the continuous regulatory pressure on the industry.

Despite a challenging 2022, Bitcoin's year-to-date growth has exceeded some major asset alternatives, with some arguing that a potential halt in Federal Reserve interest rate hikes could encourage further risky investment action.

As a result, Bitcoin is increasingly being viewed as a safe haven for investors, as evidenced by its recent rise above $30,000 for the first time since June of 2022, and an increase of over 80% since the start of the year.