- An analyst noted how Tesla’s daily price chart mirrors Bitcoin’s weekly price from 2016 to 2017
- Tesla stock, currently trading at $372.72, rallied to $498 on Aug. 31
- The analyst said both assets had “a great story” behind them and a lot of liquidity
An analyst has observed that Tesla’s recent stock action has closely resembled Bitcoin, suggesting that the electric car maker’s stock is currently in a bubble.
Julian Bridgen, the co-founder of macroeconomic research firm MI2 Partners, says Tesla’s price behavior is comparable to that of Bitcoin in 2017 when it hit near $20,000 in a massive rally but then dropped 58% after two months, Cointelegraph reports.
Tesla stock (TSLA) hit $498.32 on Aug. 31 in a rally that started at $72.24 on March 18. The stock pushed past $500 on Sept. 1 but dropped $400 three days later. Its lowest closing level in the last