Bitcoin (BTC) hovered around $16,750 after the Wall Street open on Dec. 28, after stocks dragged markets lower.
Bitcoin Analysts Stick to Downside Fears
Data from Cointelegraph Markets Pro and TradingView tracked the BTC/USD pair as it rallied from local lows of $16,559 on Bitstamp.
After days of barely any move up or down, Bitcoin finally saw a flicker of action as traditional markets opened after the Christmas holidays.. Unfortunately for the bulls, volatility turned to the downside, with the BTC/USD pair posting its lowest levels since Dec. 20.
In equity markets, US indices improved after a weak first day that didn’t leave much of an impression on BTC commentators, however, many of whom clung to gloomy near-term price forecasts.
“I never tire of repeating it”, wrote Toni Ghinea in part of a Twitter update.
“Liquidation will accelerate in the coming weeks. This bear market is far from over.”
The accompanying charts showed targets for Bitcoin and various altcoins, with Ether (ETH) due for a trip as low as $600.
The Illiquid Markets analysis account also said his followers to “be prepared for even lower prices in 2023,” which would be “lower than most expect.”
In the midst of an absence of buying interest, only MicroStrategy and its CEO, Michael Saylor, were on the record to increase BTC exposure.
The firm, already the public company with the largest Bitcoin treasury, added another 2,500 BTC to its reserves, it confirmed in a filing.
Down, but better than Tesla
At $16,700, meanwhile, the BTC/USD pair was trading around 60% down year-to-date, three days from the annual close.
This was remarkably comparable to Tesla stock, which at $113 was on pace to seal year-to-date losses of 72% or more.
For Mike McGlone, a macroeconomic strategist at Bloomberg Intelligence, the return on assets is enough to consider the possibility of Bitcoin emerging victorious.
“The near-certainty of declining Bitcoin supply against the rising number of Tesla shares in circulation favors cryptocurrency outperformance, if the rules of economics apply”the investigation said that public on Twitter on December 19.
The possibility of Tesla CEO Elon Musk divesting from TSLA in 2022 remained on the radar of others. Speaking of the company’s trading activity on December 25, analyst Christopher Bloomstran described both Tesla’s stake in BTC and shareholders as “suffering mightily” this year.
“Since the rebranding on March 15, 2021, Tesla and Bitcoin are down 48% and 70%, respectively. Very funny,” he summed up.
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