Bitcoin (BTC<\/a>) circled $16,750 after the Dec. 28 Wall Street open after stocks dragged markets lower.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> tracked BTC\/USD as it recovered from local lows of $16,559 on Bitstamp.<\/p>\n After days of barely any movement up or down, Bitcoin finally saw a flicker of action<\/a> as traditional markets opened after the Christmas break. Unfortunately for bulls, volatility was to the downside, with BTC\/USD seeing its lowest levels since Dec. 20. <\/p>\n On equities markets, United States indexes improved after a weak first day, which nonetheless failed to leave much of an impression on BTC commentators, many of whom stuck to grim short-term price forecasts.<\/p>\n \u201cI can’t stress this enough,\u201d Toni Ghinea wrote<\/a> in part of a Twitter update. <\/p>\n \u201cThe sell-off will accelerate in the coming weeks. This bear market is far from over.\u201d<\/p><\/blockquote>\n Accompanying charts showed targets for Bitcoin and several altcoins, with Ether (ETH<\/a>) due a trip as low as $600.<\/p>\n Fellow analytics account Illiquid Markets likewise told<\/a> followers to \u201cbe prepared for even lower prices in 2023,\u201d with these to be \u201clower than most expect.\u201d<\/p>\n Amid an absence of buyer interest, only MicroStrategy and its CEO, Michael Saylor, were on record for increasing BTC exposure.<\/p>\n The firm, already the public company with the largest Bitcoin treasury, added another 2,500 BTC to its reserves, it confirmed<\/a> in a filing.<\/p>\n At $16,700, meanwhile, BTC\/USD traded at around 60% down year-to-date, with three days until the yearly close.<\/p>\n Related:\u00a0Bitcoin underperforms stocks, gold for the first time since 2018<\/a><\/strong><\/em><\/p>\n This was noticeably comparable to Tesla stock, which at $113 was on track to seal year-to-date losses of 72% or more.<\/p>\n For Mike McGlone, senior macro strategist at Bloomberg Intelligence, there was enough evidence in the assets\u2019 performance to entertain the possibility of Bitcoin coming out on top.<\/p>\n \u201cThe near certainty of declining Bitcoin supply vs. the rising amount of Tesla shares outstanding favors outperformance by the crypto, if the rules of economics apply,\u201d research he\u00a0posted<\/a> on Twitter on Dec. 19 read.<\/p>\n Tesla CEO Elon Musk\u2019s offloading of TSLA in 2022 remained on others\u2019 radar. Discussing trading activity at the firm on Dec. 25, analyst Christopher Bloomstran described<\/a> both Tesla\u2019s BTC stake and shareholders as \u201csuffering mightily\u201d this year.<\/p>\n \u201cSince the March 15, 2021 rebranding, Tesla and Bitcoin are down 48% and 70%, respectively. Great fun,\u201d he summarized.<\/p>\n The views, thoughts and opinions expressed here are the authors\u2019 alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/712c674d-b706-4df4-a227-ef0d209dca79.png\")
Bitcoin analysts stick to downside fears<\/h2>\n
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Down, but better than Tesla<\/h2>\n
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