Over the last few weeks, Bitcoin’s have experienced a quick surge rally from $11,000 to $18,700. Comparing the current BTC rally to Tesla at the end of 2019, BTC could be initiated into exponential growth in the coming year. While this conclusion can be drawn from the fractal, analysts claim that equally bullish opinion can be extracted from fundamentals and techniques. Bitcoin is about to close the biggest monthly candle in its history, greater than the $14,000 candle in December 2017, although its fundamentals grow at a speedy rate.
Tesla has had a stellar rally since the lows it reached last summer. Indeed, the car company outperformed Bitcoin in the last year. According to a fractal comparison of the Tesla rally in the last year and the current Bitcoin price action. BTC is on the edge of a strong step forward. Alex Krüger, an economist closely tracking the cryptocurrency space, recently made the comparison between the two assets, referencing the chart seen below: “Tesla started its bull run on October 2019. A month later, by November 21st, it was 10% from its prior all-time highs. Just like bitcoin now. If in the next 12 months Bitcoin were to perform like Tesla did, $BTC would hit $125K… There are many similarities between Tesla & Bitcoin. Both are cult assets. Both attract haters like bees to honey. Both had a wide multi-year consolidation range. Both had a vertical bull-run kickstarted by positive developments. And both have strong long-term macro tailwinds.”