Bitcoin’s breakneck bounce off its March 13 lows transformed into a full-fledged rally, eking up to 161.25 percent gains in just two months. But the cryptocurrency’s wild rebound may have many loopholes, according to the outcome of a recent Bank of America’s survey.
The banking giant polled 223 fund managers and found that only 10 percent of them expect a V-shaped recovery for the U.S. economy. Meanwhile, others rubbished the stock market’s recovery since March by calling it a “bear market rally” – signaling that its bounce was strong but lacked real catalysts.
The survey did not mention Bitcoin anywhere, but its outcome concerned the cryptocurrency’s performance in the coming quarters.