The altcoin news and rumors today show that Bitcoin (BTC) is not the best performing asset of 2020. In fact, the biggest gains seen on the market account to Tesla which traders on the NASDAQ ticker TSLA as the asset which can actually claim this title. As the Quantum Economics' expert (and a former eToro analyst) Mati Greenspan recently said, the price of Tesla surged higher by 12% in after-hours trading on Wednesday due to a stellar earnings report. As such, it is "ahead of BTC by a hair" and TSLA is up by 38.77% in the past 30 days while Bitcoin is up by relatively mild 30%. The Bitcoin price news show that the asset managed to add a third to its price. However, it still falls short when compared to TSLA, as Greenspan's tweet below suggests. https://twitter.com/MatiGreenspan/status/1222644302469312513 The extremely strong performance by the electric car giant has brought Tesla (TSLA) and its valuation above the one of the automobile incumbents Volkswagen and Ford as per Google data. This has many asking the following questions: What is behind Tesla's major performance and can these gains continue? According to many, this is entirely possible. There was a big time in 2019 when a lot of analysts thought that Tesla is on a downward spiral mainly because of the release of the Model 3 which was very slow. Musk was also in the midst of some troubles with the SEC and a couple of tweets that he made. However, Tesla (TSLA) outgrew all of this and surged around 240% since its bottom at $180 in June of last year. As of the time of writing this article, the shares of the company are valued at $648 while the official price remains $580. Tesla traded 12% in the after-hours session and added 5% on Wednesday. This latest rally has been attributed to many factors. The biggest one is the company Q4 earnings report which topped the expectations of Wall Street. Tesla reported that its revenue rose to $7.4 billion and is up by 2% year-on-year for the quarter. The number of Teslas sold also surged and hit 367,500. According to many, TSLA is now outperforming Bitcoin and there is a chance that the leading cryptocurrency can outpace Musk's brainchild.

Bitcoin on a faint note today as the market showed a lack of sense of direction due to low volatility as we are reading more in the latest bitcoin news today. The benchmark cryptocurrency was trading at around $7,575 after rising up by 0.8 percent since the market opened. The move upside led the asset to get its net month-to-date gains up by 0.4 percent. It further revealed that the traders fear to make big moves after Bitcoin established the seven-month low in November which was followed by an alarming pump and dump behavior on spot exchanges in the starting week of December. The situation brought bitcoin to get closer to the possibility of undergoing further breakdowns and the price even rejected advances above the $14,000 level which was settled earlier this year. Bitcoin is now under by more than 50 percent and continues to make fresh declines in the descending channel, therefore, Bitcoin on Monday, opened with a faint note. The cryptocurrency near-term rallies met rejection close to the upper trendline of the Channel, the price tested the levels between $13,500 and $12,000 since July but didn’t transform the upsides into the full-fledged breakouts. In the meantime, it kept on establishing new lows towards the $6,526 indicating that the traders have not found a strong bitcoin accumulation area yet. In the charts, we can see that the price is struggling to register fresh gains which earlier served as support to Bitcoin’s bounce-back attempts. Over the past ten days, Bitcoin is in fluctuation mode inside what seems to be a Symmetrical triangle. The two converging trendlines create a string of peaks and troughs moving forward a similar slope. The height of the triangle is also close to $800 which means that its breakout will result in a price move of about the same proportions in either direction. With the volumes going down and bitcoin gets close to the apex of the triangle, there is a strong likelihood of a further breakout in the direction of the previous trends. This move could crash bitcoin towards the $6,000 area. the initial short position towards the $6,500 level from around the current market price looks decent and maintaining a stop-loss order above the triangle is standing above $7,570.

Ever since Bitcoin (BTC) tapped $6,500 in late November, we could see that analysts were wondering if the bottom is really in. In the latest Bitcoin news, we can see that the leading cryptocurrency managed to post a new jump for BTC by 20% from $6,500 and hit $7,850 just a week after that. At press time, BTC is trading at $7,500 and is seemingly trying to establish a market trend for the coming week. Even though some say that Bitcoin is unable to move past the resistance in the high $7,000 area and is decisively bearish, one analyst thinks that the odds are leaning in favor of bulls. The popular trader Mr. Chief (also known as Halo Crypto) recently said that there could be a new jump for BTC and that the ball is finally entering the playground of the bulls. He also noted that the inverse chart of Bitcoin shows that the cryptocurrency has broken below (above) a key - a trend line which has been in place for over six weeks. The asset is right now situated in a descending channel which implies a potential move to $8,500. A move to $8,500 would mark a 15% rally from the current price levels. https://twitter.com/HaloCrypto/status/1203144682177548288 However, it is not only halo that is expecting a new big jump for BTC. According to previous reports by Willy Woo who is a popular on-chain metrics analyst, a proprietary indicator lets him believe that bulls will soon gain the upper hand again.

“On-chain momentum is crossing into bullish [territory]… The bottom is most likely in, any [move] lower will be just a wick in the macro view,” Woo said.

There is also Glassnode, which is a crypto centric on-chain intelligence firm which recently noted that their metrics suggest that Bitcoin is bottoming and is slated to revert higher in a "strong" fashion. It is the Market Value to Realized Value (MVRV) which is implying the above mentioned, as well as showing that the crypto asset investors are believing in the topic. A reading of this would mark a bottom for the cryptocurrency market soon, too. At press time, Bitcoin is trading at $7,563 while the total market cap is $204 billion and the trading volume sits at $49 billion.

Bloomberg analysts expect that bitcoin’s price will surpass the $10,000 price range despite its low levels of $7,400 and $6,600 as previously reported Bitcoin price news. Bitcoin had a struggling second half of 2019, dropping from a year-to-date high of $14,000 in June to $7,400 as the Bitcoin buyers filed to step in amid the selling pressure seemingly catalyzed by the Chinese regulation of digital assets as the operators of multi-billion dollar Bitcoin scam selling the coins. Despite the price backdrop, Bloomberg analysts including Mike McGlone of the business media giant’s intelligence unit believe that Bitcoin has a strong positive outlook heading to the 2020 and the next decade as well because of many factors. This confluence of factors McGlone explained that will bring the cryptocurrency back into the five-digit range in the close future which will be a welcoming surprise for many investors in the industry who began thinking that bitcoin has reentered a ‘’crypto winter’’ state again. Bloomberg’s McGlone believes that the bullish case for the Bitcoin price is in the forming as long as the key support of $6,500 holds in the near future. The analyst said that it is ‘’only a matter of time’’ before Bitcoin breaks the key resistance of $10,000. The analyst first explained that as gold rallies, bitcoin will too. While the precious metal is right now trending lower after it peaked last summer in the middle of the trade war talks, the macro picture for the gold is looking favorable heading into 2020 with a slight recession restart of the trade war due to the latest Chinese regulations. Second, McGlone explained that a perfect storm will be building for the cryptocurrency in terms of the basic premises which are mass adoption and fixed supply cap. He said:

 “Bitcoin is winning the adoption race among crypto assets and is becoming increasingly scarce, which favors price appreciation. Plenty can go wrong with a nascent asset, but unless the basic premises reverse, there’s a higher probability to sustain price appreciation vs. Depreciation.

He also tried to support the main idea that the halving event will act as a negative supply shock for the marketplace on the simple supply and demand economics.