|Image Source: AI Imagine|
Tesla’s stock price is expected to drop 13% to $232 by October 1, 2023 before rebounding to over $390 per share in early 2024, according to an artificial intelligence price forecast by CoinCodex.
The AI analysis, which utilizes technical indicators to predict future price movements, estimates Tesla’s share price will fall from around $268 currently to $232 in the next two weeks. However, the AI sees a more positive long-term outlook, with the stock potentially doubling in value to $390 by early 2024.
This short-term bearish but mid-term bullish forecast comes as Tesla engages in talks with Saudi Arabia and Turkey about potential new manufacturing facilities. Expansion into these markets could boost Tesla’s production capacity and revenue, leading to an upswing in the share price.
“According to our technical indicators, the current sentiment is Neutral while the Fear & Greed Index is showing 39 (Fear),” CoinCodex stated in its analysis. “TSLA stock recorded 18/30 (60%) green days with 6.15% price volatility over the last 30 days.”
The AI added that based on its forecast, “it’s now a bad time to buy TSLA stock because it’s trading 4.63% above our forecast for the next 5 days.” However, the long-term prediction is more optimistic.
Tesla’s share price has fallen over 45% from its peak of around $500 in late 2021. The sell-off has been driven by rising interest rates, recession fears, and CEO Elon Musk’s acquisition of Twitter, which has distracted from Tesla’s core business.
However, bullish analysts see significant upside for Tesla stock, with the electric vehicle market expected to grow rapidly in the coming years. Tesla maintains its first-mover advantage and has ambitious plans to boost production to 20 million vehicles annually by 2030.
“Despite the bearish sentiment for the short-term, the AI believes TSLA will reach $390.34 per share by the beginning of 2024 and $570.89 per share by 2025,”.
The CoinCodex AI analysis tracks closely with other expert forecasts. According to credible sources, the average 12-month price target from top analysts is $360 per share, representing 34% upside from current levels.
With Tesla poised for international expansion even as economic headwinds persist, investors face a tricky path navigating the stock’s volatility. The AI analysis provides an insightful data-based perspective on where Tesla shares could be headed next.
Looking beyond day-to-day price fluctuations, Tesla’s pioneering position in electric and autonomous vehicles makes it a compelling long-term investment in the future of transportation for many analysts. But the path to justifying its nearly $700 billion market valuation is unlikely to be smooth. Stay tuned for more coverage as we monitor Tesla’s trajectory.
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