Bitcoin (BTC) hovered around $16,750 after the Wall Street open on December 28 after stocks sent markets lower.
Bitcoin analysts remain committed to bearish fears
Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it recovered from a local low of $16,559 on Bitstamp.
After barely moving up or down for a few days, Bitcoin finally saw a flicker of action as traditional markets opened after the Christmas break. Unfortunately for the bulls, volatility took a nosedive and BTC/USD saw its lowest level since December 20th.
In the equity markets, the United States indices improved after a weak first day, which, however, failed to make much of an impression on BTC commentators, many of whom stuck to short-term price forecasts.
“I can’t stress that enough,” Tony Guinea wrote In part of a Twitter update.
“Sales will accelerate in the coming weeks. This bear market is far from over.”
Accompanying charts showed targets for Bitcoin and several altcoins, with Ether (ETH) heading towards $600.
Likewise, Illiquid Markets analytical accounting partners told Followers should “prepare for even lower prices in 2023,” with prices “lower than many expected.”
Amid a lack of buyer interest, only MicroStrategy and its CEO, Michael Saylor, recorded BTC exposure.
The company, 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
Meanwhile, at $16,700, BTC/USD was trading down nearly 60% year-to-date, three days to the annual close.
Related: Bitcoin underperforms stocks, gold for first time since 2018
This was remarkably comparable to Tesla shares, which were on track for losses of 72% or more at $113.
For Mike McGlone, senior macro strategist at Bloomberg Intelligence, there was enough evidence in the asset’s performance for bitcoin to come out on top.
“Confidence in a shrinking Bitcoin supply vs. a rising number of Tesla shares favors the crypto’s superiority if the rules of economics apply,” he researched. is installed On December 19, he read on Twitter:
Tesla CEO Elon Musk’s offloading of TSLA in 2022 remained on others’ radars. Analyst Christopher Blumstren during a discussion of trading activity at the company on December 25 described Both Tesla’s BTC stake and shareholders are “suffering mightily” this year.
“After rebranding on March 15, 2021, Tesla and Bitcoin are down 48% and 70% respectively. Great fun,” he concluded.
The views, thoughts and opinions expressed herein are solely those of the authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.
