There is one stock that imitates this price action to an almost identical extent. Market data collated by Mike Novogratz on February 3 shows that Tesla ($ TSLA) shares are currently mimicking the 2017 Bitcoin movement.
Overlaying BTC / USD (2017) on Tesla’s 2019 stock chart, the degree of correlation between the two assets is immediately clear.
It took Bitcoin almost exactly as much time to go from $ 1,000 to $ 20,000 as Tesla took to reach its current peak of $ 780.
“Wow,” Novogratz summarized, while attention continued to focus on Tesla’s rapid profits this year.
As many media outlets have reported, in January the company managed to surpass Bitcoin’s impressive 35% profits, reaching 40% due to an unprecedented wave of enthusiasm.
However, some commentators are already cautious, claiming that good times are behind the company.
Buying stocks at current levels is like buying Bitcoin at the top.
“It’s unbelievable to see this visually on the chart,” he wrote on Twitter, citing Novogratz’s findings.
“Tesla at its current price is effective as Bitcoin at its highest high in 2017.”