If Bitcoin Performs Like Tesla, Its Price Could Skyrocket Next Year
On Nov 23, 2020
BTC has had huge success over the past weeks. According to economist Alex Krüger, if Bitcoin performs like Tesla next year, its price could skyrocket.
The leading cryptocurrency has been consistently keeping the momentum of success it has achieved in recent weeks. Last week, Bitcoin (BTC) price surged to a 3-year high of $ 18,965. With this close to an all-time high after three years, everyone is wondering what Bitcoin’s next step will be.
Looking at a comparison between BTC’s current rally and Tesla’s rally in late 2019, BTC could be prepared to experience exponential growth next year. According to a fractal comparison of Tesla’s 52-week rally last year and Bitcoin’s current price action, BTC is on the verge of a strong uptrend. Alex Krüger, an economist who closely follows the cryptocurrency space, recently made a comparison between the two assets. Krüger shared his opinions on Twitter.
Tesla started its bull run on October 2019. A month later, by November 21st, it was 10% from its prior all time highs.
Just like bitcoin now.
— Alex Krüger (@krugermacro) November 22, 2020
Correlation Between Two Popular Assets
Bitcoin and Tesla are currently among the most popular assets in the world. There is also a similarity between Bitcoin and Tesla investors. Generally, the people who bought and owned Tesla have the same mindset as the people who bought and owned Bitcoin. Alex Krüger also added these statements to his post on Twitter.
Don’t need to believe will happen, but understand why it can. Bitcoin has become a macro asset. Due to governments response to covid, real rates are now deeply negative. Institutional players are starting to believe bitcoin is a gold alternative. And most don’t own any bitcoin.
He said that there are many similarities between Tesla and Bitcoin and that both are cult entities, attracting hatred to honey, like bees. Both had a wide multi-year consolidation range and a vertical bull run that started with positive developments. And both have long-term macro tailwinds.
Although Bitcoin has had a lot of success this year, it is currently 100 billion behind Tesla by market cap. According to CoinMarketCap data, the Bitcoin price at the time of writing is $ 18486. It has risen to 0.76 percent in the last 24 hours and 13.81 percent in the past week. The leading cryptocurrency’s market dominance is currently 63.13%.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.