Bitcoin (BTC) outperformed Tesla stock despite losing 60% in value over 2022. Still, analysts say it could face worse losses in the new year.
Bitcoin analysts do not ignore downside risk
BTC price is showing signs of vitality again before the new year, after being stable for days. Again, volatility was on the downside for the bulls. Bitcoin is currently seeing its lowest trading volume levels since December 20. Meanwhile, US indices in equity markets rose after a weak first day. Still, it didn’t make much of an impression on BTC commentators, most of whom were stuck with short-term price predictions. In part of a new Twitter update, analyst Toni Ghinea said, “Sales will accelerate in the coming weeks. This bear market is not over yet,” he wrote.
My near term forecasts for $ETH, $MATIC, $ADA and $BTC.
I can't stress this enough.
The sell-off will accelerate in the coming weeks. This bear market is far from over. pic.twitter.com/Luk4yTR8Q5
— Toni Ghinea (@ToniGhinea) December 27, 2022
In the charts he shared, Toni Ghinea showed targets for Bitcoin and several altcoins along with Ethereum. She hinted that the real bottom zone for Ethereum is $600. Here’s their technical analysis for MATIC and others:
Another analyst, Illiquid Markets, also told his followers to “get ready for even lower prices in 2023” and that these will be “lower than expected”. With buyers showing no interest, only MicroStrategy and its CEO, Michael Saylor, broke the record for buying BTC. The publicly traded company, which currently holds the largest Bitcoin treasury, has added another 2,500 BTC to its reserves in a filing. cryptocoin.comAs we have reported, the purchase came after a recent sale.
BTC is down, but still better than Tesla
Meanwhile, BTC has lost nearly 60% of its value over 2022, three days before the annual close. Tesla stock, meanwhile, is trading down 72% at $113. According to Mike McGlone, a Bloomberg analyst, there was enough evidence in the performance of assets to consider the possibility of Bitcoin peaking.
“The near certainty of the increasing amount of Tesla shares against the dwindling supply of Bitcoin supports the better performance of crypto if the rules of economy apply,” he wrote on Twitter on Dec.
Bitcoin Crosses, the Crypto Looks to Regain Upper Hand Over Tesla — The near certainty of declining #Bitcoin supply vs. the rising amount of #Tesla shares outstanding favors outperformance by the crypto, if the rules of economics apply. pic.twitter.com/JNQVpOB6za
— Mike McGlone (@mikemcglone11) December 19, 2022
Tesla CEO Elon Musk’s sale of shares in 2022 was on the radar of others. Analyst Christopher Bloomstran, for example, evaluated business activities at the company on December 25. In his statements, he described both Tesla’s BTC stake and its shareholders as “suffering a lot” this year. He also summarized the situation, “Since the rebrand on March 15, 2021, Tesla and Bitcoin have dropped 48% and 70% respectively.”
Meanwhile, Elon Musk is no longer the richest person in the world. It was recently passed by Bernard Arnault, CEO of LVMH. Musk is the CEO and largest shareholder of Tesla. He owns approximately 14% of the shares. It took over the social network Twitter for $44 billion in October.
