Bank of America said that a bear market is not on the horizon for a number of reasons, such as level of adoption and increased development activity.
The US banking giant has published a note titled “Digital Assets: In the Flow”. In the note, the bank said that analysis of cryptocurrency flows between personal and exchange-based wallets indicates an indecision about the direction of the market. There were also statements that the Fed’s tightening policy may limit the upward movement in the crypto market in the next six months. Analysts also think there will not be a “crypto winter (bear market)” given the level of adoption and growth in development activity.
Bitcoin outflows from exchanges, bottom purchases decreased; It was stated that Ethereum entries to the stock markets may cause stronger winds to blow on the leading altcoin for a while.
Bitcoin, which failed to reclaim the $40,000 level, is trading at $38,300 at the time of publication.
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