Julian Bridgen, the co-founder of the macroeconomic research firm MI2 Partners, believes Tesla stock (TSLA) shows signs of a bubble. He compared the stock Bitcoin (BTC) in 2017 when it hit $20,000 and dropped 58% in two months.
From the yearly high to the month’s bottom, TSLA price dropped by 33.74%. The stock has recovered in the past 48 hours, posting a considerable recovery of 12.46%.
Uncannily similar fractal between the Tesla stock price chart and Bitcoin price chart
Bridgen shared a chart of Tesla stock with a fractal of Bitcoin’s weekly chart from 2016 to 2019. He demonstrated some of the technical similarities between the two charts and explained:
“What defines a bubble? A great story is essential. In fact, the better the story the bigger the bubble. Then lots of liquidity and finally a classic bubble chart. For example, #bitcoin in 2017. In TSLA we have all three.”
The Tesla stock price chart with