Tesla Inc. (NASDAQ: TSLA) and Bitcoin (BTC) are more likely to see their values halved than doubled over the period of next 12 months, according to the majority of respondents in a Deutsche Bank survey published Tuesday.
What Happened: Deutsche Bank surveyed 627 market professionals last week, with 89% of respondents saying they find some financial markets to be in the bubble territory, as first reported by CNBC.
“When asked specifically about the 12 month fate of Bitcoin and Tesla — a stock emblematic of a potential tech bubble — a majority of readers think that they are more likely to halve than double from these levels with Tesla more vulnerable according to readers,� Deutsche Bank said, as per CNBC.
The survey respondents rated Bitcoin 10 out of 10 on the bubble scale while U.S. tech stocks overall got a score of 7.9.
Nevertheless, Deutsche Bank noted that survey respondents see “easy monetary situations� as likely to continue through 2021 with the Federal Reserve unlikely to tighten monetary policy before the year is out.
Why It Matters: Bitcoin’s spectacular rally saw it hit an all-time high of $41,429.38 on Jan. 8 from trading below the $10,000 level in July last year.
The apex cryptocurrency has since cooled-off, trading at around $35,962 at press time.
According to JPMorgan analysts, Bitcoin could cross the $40,000 mark again in the coming weeks if investor interest in Grayscale Bitcoin Trust (OTC: GBTC) remains high. If that fails to happen, the cryptocurrency risks further crash.
Tesla too has seen a massive 700% over the trailing one-year period, with Elon Musk becoming the world’s richest person — overtaking Amazon.com Inc.’s (NASDAQ: AMZN) Jeff Bezos.Â
Nevertheless, the EV maker continues to inspire optimistic price targets from analysts, with Wedbush’s Daniel Ives giving a bull case target of $1,250.
See Also: Chasing Tesla, Major Tech Companies Team With Automakers To Enter EV Space
Price Action: Tesla stock closed 2.23% higher at $844.55 on Tuesday, and traded about 0.15% lower in the after-hours.
© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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