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Bitcoin will trade sideways or lower for the next year, fund managers say: At the Open

Bitcoin will trade sideways or lower for the next year, fund managers say: At the Open


Seeking Alpha
2021-11-17 13:36:24
Bitcoin will trade sideways or lower for the next year, fund managers say: At the Open

It may be a wild and volatile ride along the way, but the price of bitcoin (BTC-USD) faces an uphill battle over the next 12 months, according to fund managers surveyed by BofA Securities. They are also going risk-on heading into the end of the year, with allocation to U.S. stocks at an eight-year high. For its November survey, BofA talked to 388 fund managers with $1.2T in assets under management. Most of those respondents "expect Bitcoin to remain between $50k to $75k in the next 12 months (20%), followed closely by 19% thinking $25k to $50k while a decent chunk of investors expect over $75k (25%)," BofA strategists led by Michael Hartnett writes in a note. A majority, at 59%, think bitcoin is in a bubble. Bitcoin (BTC-USD) is considered the second-most crowded trade behind long tech, leapfrogging over Long ESG, which came in at the No. 2 spot

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