Analyst Predicts Tesla's Fall to $23 in US Crypto Market

• Tesla's Market Performance and Price Predictions
• Analysts' Forecasts for Tesla
• Contrasting Predictions: A Potential Crash for Tesla?
• Gordon Johnson's Warning
• Tesla's Market Position
• Impact of Market Developments on Tesla's Future

Tesla's Market Performance and Price Predictions

Tesla (TSLA), Elon Musk's EV manufacturing company, has been experiencing a series of fluctuations in the US stock market. Currently, it maintains a steady presence at approximately $190. The firm witnessed a significant surge on a recent Monday, with almost an 8-point spike and a nearly 4.2% upward swing. The stock, nonetheless, has been on a decline from its 52-week high of $299 to its present $190. Tesla is encountering a struggle in reaching its former all-time high, experiencing a resistance at the $200 milestone.

Analysts' Forecasts for Tesla

Adam Jones, a Morgan Stanley analyst, had projected earlier that Tesla's stocks could potentially reach the $380 mark. However, due to a series of losses, many analysts now suggest a price reduction for Tesla's stock, indicating a more bearish stance. Jones, on the other hand, revised his price forecast downwards, setting Tesla's price at $345, while maintaining a bullish attitude towards the stock.

Contrasting Predictions: A Potential Crash for Tesla?

Gordon Johnson's Warning

The CEO of GLJ Research, Gordon Johnson, expressed concern over the future of Tesla's stock value in the year 2024. In a recent CNBC's Street Signs interview, he explained that Tesla's value could potentially plummet to $23.53. His argument is based on the premise that the demand for EV cars in the US is insufficient, and Tesla may soon struggle to maintain its revenue stream.

Tesla's Market Position

Johnson further argued that Tesla's potential to dominate the EV segment is doubtful, especially given the entry of competitive players such as Ford and General Motors. In his view, these new market entrants could make Tesla's survival challenging and compel them to reduce their prices. He indicated that the present sky-high prices charged by EV makers could soon be reassessed by consumers, leading to a potential market reality check.

Impact of Market Developments on Tesla's Future

In light of these events, Johnson forecasts that Tesla stocks could dwindle down to $23. This bleak price prediction contrasts starkly with the opinions of other analysts who maintain a relatively bullish outlook on Tesla's stock prices.

Edited by Jonathan Stoker