- Analysts have given a bullish outlook for cryptocurrencies
- And also foreshadow a rise in Coinbase stock
Experts at New York investment bank HC Wainwright said that crypto-winter is over. And at the same time changed the rating of the Coinbase exchange to “buy.
Analysts believe the company will benefit from the growing market in the crypto industry.
Details can be read in an investor note compiled by Wainwright consultant Mike Colonnaise.
He recalled that since the beginning of the year the prices of crypto-assets increased by an average of 45%. Moreover, bitcoin added as much as 67%..
The expert came to the conclusion that the bear cycle is over, and the “crypto-spring” begins. His forecast is based on a historical analysis of BTC prices.
He noted that before the halving bitcoin usually increased its rate and market capitalization. As we wrote recently, the new halving is about a year away.
According to Colonnaise, Coinbase has “a unique opportunity to capitalize on the large on the rapid growth of the global crypto economy.”
First, it is the largest public crypto exchange in the world. Second, the company’s user base consists of 110 million registered and 8.3 million active users in 100 countries.
Bank expects Coinbase stock to be up 40% and trading at $75 by the end of the year. Katie Wood, the cryptocurrency exchange’s largest security holder, seems to share such bullish predictions.
Her company, ARK Invest, recently made another purchase of Coinbase securities.