The post Here’s Tesla’s (TSLA) stock path to $4 trillion market cap appeared on BitcoinEthereumNews.com.

Tesla (NASDAQ: TSLA) hitting a market capitalization of $4 trillion is a target thrown around several times, even by CEO Elon Musk, and an analyst has outlined a path to achieving this goal. This outlook has gained momentum following Tesla’s recent price surge, triggered by better-than-expected Q3 2024 results.  As of press time, the stock was valued at $269.19, surging almost 23% in just one week. This price movement has seen TSLA reverse 2024’s losses, with gains of over 8% year-to-date, resulting in a market cap of $864 billion. TSLA YTD stock price chart. Source: Google Finance Tesla’s path to $4 trillion market cap Exploring historical growth trends and chart patterns suggests that Tesla’s rise to $4 trillion could be sustainable if it overcomes hurdles, according to JC Parets of AllStarCharts in a post on X dated October 26. In mapping the stock’s path to $4 trillion, the analyst acknowledged Tesla’s journey over the past decade, characterized by massive gains. For instance, from 2018 to 2020, TSLA stock saw an explosive 3,300% return. TSLA stock price analysis chart. Source: AllStarCharts Following this rally, Tesla’s stock entered a multi-year consolidation phase, creating a stable base around its 2021 highs. This consolidation has been crucial in building support at higher price levels. In 2024, the stock is beginning to break out from this consolidation zone, setting new 12-month highs. This bullish formation resembles the “cup-and-handle” pattern, signaling a potential breakout. Tesla’s price action also aligns with Fibonacci extension levels, which some traders use to estimate long-term price targets.  Key interest levels include approximately $600, $800, and $1,200 per share, with the possibility of hitting $1,243 in an extended bullish scenario. If TSLA reaches these levels, its market cap could exceed $4 trillion, assuming share issuance remains stable. Tesla stock fundamentals  Achieving this…

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Filed under: News - @ October 26, 2024 5:25 pm