Bitcoin

April

H.C. Wainwright, a famous New York-based investment bank, has announced the end of “crypto winter.” The bank has launched coverage of US crypto exchange Coinbase with a “buy” rating, citing the company’s potential to gain from the global cryptocurrency industry’s growth. 
Wainwright analyst Mike Colonnese noticed in an April 26 report given to investors that overall crypto asset prices have risen 45% year-to-date (YTD), led by a 67% increase in the price of Bitcoin $29,113. 
Markets, according to the analyst, “have likely now entered BTC’s next bull price cycle,” which has historically resulted in “significant growth in total crypto market cap, incremental retail and institutional adoption, and higher crypto trading volumes.” 
“Crypto winter is over, and spring has sprung.” 
Colonnese went on to say that Coinbase is “uniquely positioned to benefit from the large and rapidly growing global crypto economy” since it is the world’s largest publicly traded crypto exchange. As a result, the investment firm anticipates that the company will increase its market share in the cryptocurrency sector throughout the rest of 2023. 
Colonnese set a price target of $75 per share for Coinbase stock (COIN), representing a nearly 40% gain over the firm’s current trading price of $53.89. He explained that the revised price goal is based on the belief that Coinbase will profit from the “continuation of crypto’s bullish price action in 2023.” He pointed out that optimistic emotion usually follows a Bitcoin $29,113 halving event, the next of which is due for April 2024. 
Colonnese noted that the crypto exchange has a “robust user base” with 110 million verified and 8.3 million active users spread over 100 countries, which helps to justify the 75-dollar price target. According to Fintel data, there are now 884 institutions that have an investment in Coinbase. This represents a 2.1% decline in ownership from Q4 2022, with the average portfolio weight of overall institutional investment in Coinbase declining by 15.12% during the same period. 
Cathie Wood’s ARK Invest is the largest institutional holder of Coinbase shares, with 11.7 million shares or 5.09% ownership of the firm. ARK Invest reported 9.2 million shares owned in its most recent NASDAQ filing, reflecting a 22% quarterly increase. 
Wainwright analysts are not alone in feeling that crypto winter has ended. Veteran crypto trader Phillip Swift maintained his belief that the bear market is ended in an interview with Cointelegraph. However, he believes Bitcoin’s price might fall to “as low as $20,000” before the next bull cycle begins. Swift eventually predicts that the halving narrative will gain traction in the latter half of this year, “which should increase buy pressure.” 
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The post <a rel="nofollow" href="https://bitcoinworld.co.in/ny-investment-bank-says-crypto-winter-is-over-bullish-outlook-for-coinbase/">NY Investment Bank says ‘Crypto winter is over,’ Bullish Outlook for Coinbase.</a> appeared first on <a rel="nofollow" href="https://bitcoinworld.co.in">BitcoinWorld</a>.

NY Investment Bank says ‘Crypto winter is over,’ Bullish Outlook for Coinbase.

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