Dark Days for Tesla: “Tesla stocks set to be bearish for the year-” analysts predict.

Analysts predict that Shares in Tesla (NASDAQ: TSLA) are set to plunge into “the red” for the year. The shares of this stellar company have been bearish for a few days now, following a broad sell-off of high-flying technology stocks and the major dip in bitcoin, an asset which the electric car marker invested $1.5 billion some few weeks ago.

By 10:29 GMT, Tesla was down over 8% in U.S. premarket deals after a similar drop during the previous trading session. This stellar company, led by our very own Elon Musk, has had a stellar ride since 2020. Its shares began in 2020 at about $85 per share before reaching the $900 mark on January 25.

With the dip in bitcoin (currently trading as low $45,000 ) and the sell-off of major tech stocks, it is currently trading at about $657 in pre-market transactions and this signifies a 27% loss from its peak, a level above the 20% level that defines a bear market.

Analysts have warned against investing in the stock which remains one of the most expensive on the S&P 500 index at 163 times its 12 month forward earnings. With the current dip and analysts doomsday prediction, while some traders are wary of the stock, some (who believe in the “Gospel” of Tesla) see this dip as a good buying opportunity and are only waiting for a perfect point of entry.

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