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Bitcoin (BTC) Performed Similarly to Tesla (TSLA) in 2017: Mike Novogratz

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Mon, 02/03/2020 - 17:55
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  • Mike Novogratz shares a price chart to prove that Tesla (TSLA) mirrors the 2017 Bitcoin (BTC) bubble

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Galaxy Digital CEO Mike Novogratz recently shared a peculiar chart, which shows that Bitcoin’s entire price history is eerily similar to Tesla’s (TSLA) epic rally. 

The stock of the electric car manufacturer recently surged to a new high of $736 per share. This represents a 313 percent increase from its 2019 bottom of $178. 

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Bitcoin (BTC) Compared to Tesla(TSLA) by Mike Novogratz - READ MORE

Tesla keeps outperforming Bitcoin 

As reported by U.Today, Bitcoin (BTC) had its best January since 2003 with a 30 percent green monthly candle. However, this time around, Tesla stole Bitcoin’s spotlight with its 56 percent monthly gain. 

The same trend can now be observed in February. While Bitcoin remains stuck in the same trading range after a few fakeouts, TSLA doesn’t seem to care about any resistance levels. 

These rocket-like moves are very exciting for TSLA buyers (not so much for short-sellers who had to face enormous losses). Still, there are many skeptics who can’t help but feel that this bubble might pop any moment, just like Bitcoin did in 2017.

UBS predicted that Tesla could see a 28 percent drop in 2020.  

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Is $15,000 possible? 

Another thing that is reminiscent of the 2017 crypto bubble is pie-in-the-sky price predictions. Investment firm ARK Invest raised its TSLA bull target to $15,000. Even in the bearish scenario, the firm predicts the upstart automaker could still see its shares surging $1,500. 

This sounds eerily similar to Fundstrat’s Tom Lee predicting that the price of Bitcoin could go up to $100,000 in November 2017, right before the cryptocurrency reached its current all-time of roughly $20,000. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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  • A lone whale was able to move the BTC price by more than $400 on the Kraken exchange

Cover image via stock.adobe.com
Contents

The Bitcoin price briefly surged to €6,190 (about $6,800) on Kraken after a lone whale bought more than 1,000 BTC.

At press time, the benchmark cryptocurrency is changing hands at $6,469 on the exchange.  

Kraken
image by reddit.com

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Whales pull all the strings 

While it's tempting to assume that a major whale has decided has reentered the market after BTC's disastrous performance in March, deep-pocketed holders are prone to manipulating prices to make easy money. Hence, traders should be cautious not to appear on the wrong side of another sell-off.    

As reported by U.Today, there was a theory that the massive April 2 pump that kicked off the glorious 2019 rally was orchestrated by one major player who took advantage of low liquidity on numerous exchanges to pump the price. 

Back in June 2019, a savvy Coinbase user sold $213 mln worth of BTC and bought back the whole thing shortly after to earn a whopping $10 mln in practically no time.  

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A $328 mln Bitcoin transaction  

In the meantime, Whale Alert, the service that tracks large transactions across multiple blockchains, has spotted a mammoth-sized Bitcoin transaction that is worth more than $328 mln. 

However, it appears to be an internal transfer, which means that it will not affect BTC's price action. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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