NY Investment Bank declares end of Crypto Winter
H.C. Wainwright, a New York-based bank, has initiated coverage of Coinbase. It’s the world’s largest publicly trading crypto exchange with a buy rating. NY Investment Bank declares end of Crypto Winter, bullish on Coinbase. Analyst Mike Colonnese believes Coinbase is uniquely positioned to benefit from the growing cryptocurrency industry and the end of Crypto winter.
Colonnese Outlook to Coinbase
Colonnese Notes that overall crypto asset prices have railed 45%, with a 67% increase in the price of Bitcoin. It indicates that markets have entered BTC’s next bull price cycle. Historically, this has resulted in significant growth in the total crypto market cap. So, the comprehensive retail and institutional adoption make crypto trading volume high.
Colonnese believes that Coinbase will expand its market share in the cryptocurrency sector throughout 2023. Therefore, the price target for Coinbase stock has established at $75 per share.
The Expectation of Bullish Price Action in 2023
Colonnese believes that the new price target is based on an expectation. In 2023, Coinbase is expected to continue profiting from the ongoing upward trend in cryptocurrency prices. Therefore, this bullish sentiment typically precedes a Bitcoin event for next April 2024. Coinbase has established a robust user base with 11 million verified and 8.3 million active users from all over the countries.
Coin Base’s Robust User Base and Institutional Investment
Despite a 2.1% decrease in ownership from Q4 2022, 884 institutions still invest in Coinbase.
Cathie Wood’s ARK Invest holds the most significant institutional shares in Coinbase. Cathie Wood’s ARK Invest owns the most important institutional shares in Coinbase. Therefore, she holds 11.7 million shares representing 5.09% ownership of the company.
Phillip Swift’s Prediction
Analysts from H.C. Wainwright are not the only ones who believe the crypto winter has started. A veteran crypto trader, Phillip Swift, said the bear market had ended. The price of Bitcoin may drop back down to $20,000 before the start of the next bullish phase. Furthermore, he stated that the halving narrative is expecting to get momentum in the second half of this year.
Conclusion
NY Investment Bank declares end of Crypto Winter, bullish on Coinbase. Many analysts believe Coinbase is uniquely positioned to benefit from the growing cryptocurrency industry.
However, with a robust user base, Coinbase is expecting to increase its market share in the cryptocurrency sector. Veteran crypto trader also believes that the bear market has come to a close and expects the halving narrative to gather steam in the latter half of this year.