Bitcoin beats Tesla stock in 2022 as BTC price heads for 60% loss

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Bitcoin (BTC) circled $16,750 after Wall Street opened on Dec. 28 after stocks dragged markets lower.

BTC/USD 1 hour candle chart (Bitstamp). Source: TradingViewBitcoin analysts hold on to downside fears

Data from Cointelegraph Markets Pro and TradingView tracked BTC/USD as it recovered from local lows of $16,559 on Bitstamp.

After days of almost no up or down movement, Bitcoin finally saw a flicker of action as traditional markets opened up after the Christmas holidays. Unfortunately for the bulls, volatility was on the downside, with BTC/USD hitting its lowest levels since Dec. 20.

In equities, US indices improved after a weak first day, which nonetheless failed to impress BTC commentators, many of whom stuck to gloomy short-term price predictions.

I can’t stress this enough, Toni Ghinea wrote as part of a Twitter update.

The sale will accelerate in the coming weeks. This bear market is far from over.

The accompanying charts showed targets for Bitcoin and several altcoins, with Ether (ETH) due for a trip as low as $600.

Bitcoin, Ether, MATIC and ADA price charts. Source: Toni Ghinea/Twitter

Another analytics account Illiquid Markets also told its followers to prepare for even lower prices in 2023, which are lower than most expected.

Amid a lack of buyer interest, only MicroStrategy and its CEO, Michael Saylor, saw an increase in BTC exposure.

The company, already the public company with the largest Bitcoin cash position, added an additional 2,500 BTC to its reserves, it confirmed in a filing.

Bottom, but better than Tesla

At $16,700, BTC/USD has traded around 60% year-to-date, with three days remaining until the annual close.

Related:Bitcoin underperforms stocks, gold for the first time since 2018

That was roughly comparable to Tesla stock, which at $113 was on track to seal year-to-date losses of 72% or more.

For Mike McGlone, senior macro strategist at Bloomberg Intelligence, there was enough evidence in asset performance to consider the possibility of Bitcoin coming out on top.

The near certainty of Bitcoin’s falling supply relative to the growing number of Tesla shares outstanding is helping the crypto outperform, if the rules of the economy apply, according to research posted to Twitter on May 19. December.

Tesla CEO Elon Musks offloading TSLA in 2022 has remained on others’ radar. Discussing the company’s trading activity on Dec. 25, analyst Christopher Bloomstran described both Teslas BTC stake and shareholders as suffering badly this year.

Since the March 15, 2021 rebrand, Tesla and Bitcoin are down 48% and 70%, respectively. Very entertaining, he summed up.

BTC/USD chart against TSLA. Source: Trading View

The views, thoughts and opinions expressed herein are the sole authors and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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