Bitcoin (BTC) is hovering around $16,750 today, Dec. 28, after the opening of markets cooled Wall Street down a bit.
Analysts remain pessimistic
As data from Cointelegraph Markets Pro and TradingView shows, Bitcoin price managed to rebound from an interim daily low of $16,559.
After several days of near no movement, Bitcoin felt volatility for the first time since Christmas. However, this had more of a downside impact, causing the price to temporarily fall back to its lowest level since December 20.
At the same time, the stock market was able to improve slightly after a rather poor start to the week. Nevertheless, the market-leading cryptocurrency was unable to generate momentum from this, so the new expert price predictions are accordingly conservative.
“I can’t stress it enough,” said trader Toni Ghinea warns:
“The slowdown will intensify in the coming weeks. This bear market is far from over.
In an accompanying chart, the expert indicates price targets for Bitcoin and several altcoins, while predicting a further drop of up to $600 for Ethereum (ETH).
Analyst Illiquid Markets also advises its followersto “prepare for even lower prices in 2023”, which in the worst case will even be “below expectations”.
The bad mood is at least slightly brightened by the fact that software developer MicroStrategy has bought more Bitcoin under the Michael Saylor umbrella.
The company, which is already the listed company with the largest bitcoin fortune, recently added an additional 2,500 BTC, according to new documents.
Still better than Tesla
At a price of US$16,700, Bitcoin is 60% in the red on the year, not much room left over the past three days to make it through the calendar year regardless.
The market-leading cryptocurrency draws unexpected parallels with Tesla stock, which fell 72% on the year to $113.
“The certainty of a diminishing supply of Bitcoin versus an increasing supply of Tesla stock gives cryptocurrency an advantage at a fundamental level, provided the laws of economics apply,” he tweeted. financial expert. concerns are.
One of the triggers for Tesla’s current stock weakness is the sale of CEO Elon Musk, which caused “significant damage” to investors in his company.
“As of March 15, 2021, Tesla and Bitcoin are down 48% and 70%, what a joke,” said cynical analyst Christopher Bloomstran. summary.