Algorithm Predicts Tesla Stock (NASDAQ:TSLA) Price to Gain +60% by Q1 2024

 Key takeaways

• Tesla (NASDAQ:TSLA) fell -11% last week and the stock price now finds itself at a pivotal point
• After a positive Q2 earnings report, several business partnerships, and the upcoming launch of Cybertruck, sentiment remains bullish on the future of TSLA
• The CoinCodex algorithm predicts a new all-time high by Q1 2024, a sentiment that is shared by an online trader and price analyst known as AMIT-RAJAN

Tesla closes previous week at -11% amid concerns over missed targets, 2023 performance still positive overall

Tesla (NASDAQ:TSLA) reported a 47.2% YoY increase to revenue during its Q2 earnings report, generating $24.93 billion during a positive quarter for the company. Tesla’s leading EVs, the Model 3 and Model Y, saw record production levels with 460,211 cars produced compared to 345,988 in the same quarter of 2022.

Tesla had slashed its prices during this period in a bid to offset demand reductions in the EV market. The company reduced prices for its most popular vehicles in a bid to boost sales, which had led to concerns over the company’s gross

Cybertruck deliveries are expected to start in 2023, image via Tesla

TSLA stock has enjoyed a fruitful year so far, rising 106.7% YTD. Investors were skeptical about Elon Musk’s lofty ambitions in the wake of the earnings report, however, with concerns over slow progress with regard to Cybertruck production — previously, Musk had promised that the first deliveries of the Cybertruck would begin in 2023.

Despite a positive year of price action for TSLA stock and a better-than-expected Q2 earnings report, the price of TSLA is now -17% down from its pre-earnings price level. On 22nd September, TSLA dropped 4.79% to close a poor week of price action where the stock price lost 11.77% of its value in total.

The ongoing downtrend for TSLA may indicate waning confidence from shareholders in the company’s ability to meet its annual targets. Previously, Musk had been criticized by Tesla shareholders for spreading himself too thin through his additional roles at SpaceX, Neuralink and X (formerly Twitter).

Algorithm predicts new all-time high for TSLA by Q1 2024, trader highlights key support/resistance levels to watch

The CoinCodex price prediction algorithm has forecasted positive price action for TSLA over the coming months, with a +60% move expected over the next half-year. This move would include a surge towards $507 before retracing, which would represent a new all-time high price level for TSLA stock.

6-Month price prediction for TSLA, via CoinCodex

In alignment with the algorithm’s prediction, AMIT-RAJAN on TradingView also believes that new all-time highs are possible over the coming months. Despite the positive price projection, however, AMIT-RAJAN has pointed out that TSLA now finds itself at a pivotal moment.

According to AMIT-RAJAN, the 11% fall last week has taken TSLA to a make-or-break price level on the weekly timeframe. If it manages to hold $244 as support, then it could target higher resistance levels at $296 on its way to all-time high. However, if it loses support here, then it would likely fall back to historical support at either $234 or $229 before any positive moves take place.

TSLA trading set-up, as shared by AMIT-RAJAN on TradingView

Bottom line: TSLA stock price may be approaching new highs as Cybertruck’s projected release date approaches

Tesla’s adaptability in the face of reduced EV demand was commended by shareholders earlier this year, as the company has successfully navigated a difficult period and continues to innovate with its products.

Ford, Nissan, and GM have each sought out agreements to share Tesla’s charging stations in the past year, and Musk stated during the Q2 earnings release that the company’s AI autopilot will be “possibly 100 times safer than a human driver.”

Musk also stated that the TSLA share price could rise by 5x or 10x in the future, owing to the company’s continued progress in terms of delivering marketable EVs that satisfy calls for sustainable energy consumption while also innovating using artificial intelligence.

For now, the CoinCodex algorithm is anticipating upside over the next 6 months, during which time the Cybertruck is expected to launch. The 60% upward move that has been targeted would take TSLA to a new all-time high above the $500 mark.