Tesla stock price reminding the 2017 BTC bull run to the investors.
Almost 85% of the gain has been seen in Tesla’s stock price since the opening of 2020.
Is the historical price action of BTC is repeating or it’s just a bubble to be witnessed soon?
Tesla is at its current peak of $780, just like BTC which took it’s price rally from $1000 to ATH $20000 in 2017 and echoed its thriving journey since after that on a rapid scale.
After a rollercoaster ride, BTC is romping at $9139.89 with a market cap of $166,339,863,477USD.
A possible good time has come for the investors who are getting bored or in a retrospective vein while investing in bitcoin (BTC) including other crypto assets. If the investors wanted to check on something which is in bandwagon then definitely Tesla’s stock price ($TSLA ) can get the attention of the stockholders, which is reportedly going to the moon very soon due to the surging success which has noticed on Jan 3, the stock price increased by 20% in a single day.
Last year in Oct, Tesla’s stock price was hovering around $225 and at present, there has been a massive jump noticed in the price movements.
Mike Novogratz’s Views on Tesla
Recently, the priced-in situation has remarked by Michael Novogratz (Mike Novogratz)- Galaxy Digital’s CEO mentioning the identical attitude of this new stock $TSLA and showed the comparison with BTC on Twitter.
Further, while giving an interview to Bloomberg’s Erik Schatazker on Bloomberg’s markets Mike has brought up a point that “any bit of good news is going to shoot it up. Tesla stock price is just like BTC” and called Tesla stock price is a “bubble” just like the “BTC bubble.” Explaining that after witnessing the parabolic gain how BTC has dropped and how market sentiments got hurt when it reached its low $3,100 at the end of 2018. Similar positions may happen with Tesla as well which is showing itself in a much complacent appraise.
According to Mike, there is much likely a probability that like BTC TSLA may also soon face a nosedive movement in its price. BTC crashed in Dec 2017 after reaching its all-time high i.e., $20000 and gained the attention of even the naïve who didn’t even know about the cryptocurrency investment world.
Tesla’s growth can also be judged due to some fundamentals like the grand opening in the Chinese market, the launch of its Cybertruck, and the huge profits gained in 2019. These are the definite reasons which caught the attention and charm of the investors in the new rising stock.
Some analysts are saying that the stock would witness at least 40-50% correction and could plunge drastically from its jaw-dropping price. Soon the price may fall and good times may turn into volatility.
Tesla to Moon!
However, some say that Tesla has a good time going on and the $TSLA stock price could soon climb up even from $780.
On Jan 14, Ark Investment founder Management founder Catherine Wood told to CNBC “Tesla stock could be worth more than $6,000 per share in the next five years.”
Reportedly, Catherine said, “The winner in autonomous platforms, and any artificial intelligence project, is that company with the most data and the highest-quality data,” she said. “That company is Tesla.”
For the readers, Tesla’s market cap is soon to be $100 billion. The growth is worth noticing while comparing to other automobile giants like Volkswagen and Ford.