Bank of America Fund Manager Survey, 27% Bullish on Bitcoin Ranked #1

The latest Bank of America fund manager survey shows that out of nearly 200 fund managers, 27% are “bullish on Bitcoin”.

Bank of America Fund Manager Survey, 27% Bullish on Bitcoin Ranked #1

Cryptocurrencies are “on fire” again as grandparents talk about Bitcoin? The latest Bank of America fund manager survey confirms this.

According to Bloomberg, the poll, which covered 194 fund managers with a total of $592 billion in assets under management, showed that the survey said “Bullish Bitcoin” (Long Bitcoin) ranked first, at 27 percent.” Arguably, the “Long Bitcoin” is the most crowded trade in the world right now.

This is not the first time Bitcoin has topped the list, as it previously topped a Bank of America survey in January. The trade also topped the list during the bull market in 2017.

Technology” in September 2018 and September 2020, “U.S. dollars” in February 2015 and January 2017, and “U.S. Treasuries” in March 2020 all topped the list of most crowded trades.

Bitcoin prices recently reached a more than three-month low, falling as low as above $42,000 in the past 24 hours, according to Bitpush data.

Bank of America Fund Manager Survey, 27% Bullish on Bitcoin Ranked #1

And billionaire corporate mogul and trader Mike Novogratz told CNBC on Tuesday morning that he’s bullish on bitcoin for the long term: “Markets don’t get that easy, and if they did, all of us would be rich. Bitcoin is still up more than 50 percent so far this year, and the market is correcting itself, which is a natural part of the market.”

Novogratz also revealed that it will be adding to its bitcoin position at around $40,000.

Analyst Simon Peters noted that the trading price is finding support in the 200-day exponential moving average as well as other momentum indicators such as the RSI Relative Strength Index, and that the worst of the pullback may be over and perhaps now is a good time to enter.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/bank-of-america-fund-manager-survey-27-bullish-on-bitcoin-ranked-1/
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