• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Here’s the Level Bitcoin Needs to Break to See a “Tesla Sized” Rally

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

Bitcoin’s boring price action seen throughout the past few months has caused its trading volume and liquidity to both dive lower.

It appears that many traders are turning towards the more traditional markets to get their fix of volatility, with some equities like Tesla (TSLA) seeing massive rallies over the past couple of weeks.

Although Bitcoin’s lackluster price action doesn’t appear to be letting up anytime soon, the cryptocurrency may eventually see a rally similar to that posted by TSLA.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

That being said, one analyst is noting that there is a crucial level it first needs to surmount for this to be a realistic possibility.

He notes that if Bitcoin can break $10,500, a myriad of factors could provide it with a tailwind that is stronger than that seen by Tesla’s stock, possibly allowing the cryptocurrency to start a parabolic ascent.

Bitcoin Struggles to Track the Momentum Seen Within the Stock Market 

The ongoing pandemic, economic shutdowns, and soaring unemployment rates haven’t stopped the stock market from staying within firm bull territory.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

This has allowed many companies to see their share prices hit all-time highs – and there’s no better example of this than Tesla.

The electric car manufacturer made headlines in early 2020 when its price gained significant momentum that allowed it to climb from $400 at the start of the year to highs of $900 in late-February.

Interestingly, the timing of TSLA’s rally coincided almost precisely with that seen by Bitcoin, and their prices both topped out within days of one another.

From here, traders began taking profits, causing the stock’s price to plunge towards $400 in a movement that was perpetuated by the market-wide selloff.

In the time since Tesla has seen a parabolic “V-shaped” recovery that allowed it to set all-time highs of nearly $1,800 earlier this past week.

Bitcoin Tesla

Chart via TradingView.

This type of price action is what Bitcoin investors dream about, but the benchmark digital asset has been stuck between $9,000 and $10,000 for the past several months.

Here’s the Level BTC Needs to Break to See a “Tesla Sized” Rally

One analyst does believe that Bitcoin could soon see a rally of a similar magnitude to that seen by Tesla.

He postulates that for this possibility to come to fruition, the cryptocurrency will need to rise past $10,500. He points to “super low float” and more eyes watching BTC as factors that could help it surge higher.

“When Bitcoin breaks back above 10.5k I think it’s going to move faster than TSLA did. Super low float and way more eyes on it now. Nothing pumps like BTC,” he explained.

It still remains unclear as to just how long it will be before the cryptocurrency breaks its pattern of trading sideways and ventures back up to its yearly highs.

Featured image from Unsplash.

Charts and pricing data via TradingView.
Tags: btcusdBTCUSDTTSLATSLAUSDxbtusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

Ethereum

TA: Ethereum Topside Bias Vulnerable If It Continues To Struggle Below $1.2K

4 hours ago
Bitcoin

TA: Bitcoin Turns Red, Why BTC Could Trade To New Monthly Lows

6 hours ago
Ethereum

Ethereum Plugs 11-Week Bleed, why $1,500 May Be On The Horizon

10 hours ago
Bitcoin

Bitcoin “Reserve Risk” Metric Approaches All-Time Lows

14 hours ago
bitcoin

Outflows Rock Bitcoin As Institutional Investors Pull The Plug, More Downside Coming?

16 hours ago
Ethereum

TA: Ethereum Turns Red, Why ETH Must Hold This Key Support

1 day ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

TRON Breaks the 100 Million Users Mark, Celebrates Mainnet 4th Anniversary, and Announces Huge Hiring Push Amid Market Meltdown

June 29, 2022

LBank Exchange Will List Delio(DSP) on June 30, 2022

June 29, 2022

LBank Weekly Listing Report, 27th June 2022

June 29, 2022

How Does Gnox (GNOX) Differentiate From Other Presales In Terms Of Safety And Security And How Does It Measure Up To Tokens Like Ethereum (ETH) And Solana (SOL)?

June 29, 2022

Luxury Rolex watches and Real Estate in the Metaverse: Chronoly (CRNO) and Decentraland (MANA) Could Dominate

June 29, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.