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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Tesla Showing Similarities to 2017 Bitcoin, What Happens Next?

Tony "The Bull" Severino
Tony "The Bull" Severino
5 years ago
2 mins read

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Tesla is among the top-performing assets of 2020 so far, and one of the few financial assets that has outperformed Bitcoin and the rest of the cryptocurrency market.

Tesla is even showing similarities to that of the 2017 Bitcoin bull run, however, what does this mean for the price per share of the futuristic automaker if it continues to follow the same path?

Is Tesla Following The Path of 2017 Bitcoin?

Since the moment markets opened in 2020, Tesla has been on an absolute tear, rising from a share price of roughly $421 to a high of $651. Tesla has earned investors who bought at the start of the new year with over 54% return on investment.

Related Reading | Tesla is the Greatest Performing Asset In 2020. It Even Surpassed Bitcoin 

It is among the few assets that have outperformed Bitcoin for the month, which is up over 30% since the start of the year.

tesla price chart bitcoin crypto

The rise in Telsa is being compared to the meteoric rise in Bitcoin, which back in 2017 rose from under $1,000 to as much as $20,000 at the peak.

When reviewing the chart, however, the largest similarity is in the fact both assets went parabolic. Data suggests that when a parabolic advance is eventually broken, it often results in a powerful retracement.

Retracements reach as much as 80%, as Bitcoin did after the crypto bubble pop.

https://twitter.com/bambouclub/status/1222923927686668289?s=21

Better Comparison To Be Made to 2019 Crypto Rally

If what happened with the crypto market after Bitcoin’s parabolic advance was broken, Tesla could be looking at a major correction soon enough.

But while the similarities between 2017 Bitcoin and current Tesla end at the asset going parabolic.

A better comparison could be made to the 2019 parabolic rally Bitcoin made back in April, which took the price of the cryptocurrency from bear market lows around $3,000 to as high as $14,000 at the peak.

tesla bitcoin comparison chart

Both assets can be seen forming an ascending triangle at their “bottoms” then going on a parabolic rally with three phases of mark up. What could come next could end up being the short-term top for Tesla, forcing the hot-to-trot asset to cool its jets for a bit.

Bitcoin spent the next six months in a downtrend it is only now potentially breaking free from but is ready to head back into an uptrend according to indicators.

Related Reading | Elon Musk Just Dropped the Bitcoin Bomb On Twitter, Again

If Tesla drops a similar amount as Bitcoin did in 2019 – a total of 53% from top to bottom of the current cycle – Tesla would fall from the high of $651 back to around $310 per share.

This support level also coincides with where the first major mark up phase occurred, which would be a logical place for reaccumulation to occur before the next major uptrend.

Featured image from Shutterstock
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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