H.C. Wainwright, a renowned financial bank based in New York City, recently announced that their analysis has determined the end of the “crypto winter.”
The bank recently initiated coverage of American crypto-exchange Coinbase with a “Buy” recommendation, noting the strong potential for growth in the global crypto market. Current conditions indicate that Coinbase has a favorable outlook on future profits.
On April 26th, Wainwright analyst Mike Colonnese in a note to investors about the increasing price of Bitcoin. He noted that since the start of the year, Bitcoin had seen an increase of 67%, which in turn caused a 45% boost in crypto asset prices as a whole.
The analyst claims that markets “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.” he added, “Crypto winter is over, and spring has sprung.”
Coinbase, the largest cryptocurrency exchange in the world, is “uniquely positioned to benefit from the large and rapidly growing global crypto economy,” in Colonnese’s words. The investment firm, therefore, expects the company’s market share in cryptocurrencies to continue growing until 2023.
Colonnese estimated that the price of Coinbase stock (COIN) will increase by 40% from its present trading price to reach $75.
He went on to explain the reasoning behind the increased objective price, stating that it was done so because Coinbase was expected to profit from the “continuation of crypto’s bullish price action in 2023.” He noted that before the subsequent bitcoin halving in April 2024, positive emotions often arise.
Colonnese continues by claiming that the cryptocurrency exchange’s “robust user base,” which consists of 110 million verified and 8.3 million active users from 100 different countries, backed the $75 price point.