Investors who survived a tough bear market are looking forward to the start of the bull market in Bitcoin.
While the tremendous performance of BTC since the beginning of 2023 is called a bull start by some analysts, some analysts think that this rise is a bear trap.
While BTC, which has doubled from the $ 16,000 level seen with the collapse of FTX, continues to consolidate at $ 27,000-28,000, New York-based investment bank HC Wainwright said that the crypto winter is finally over in Bitcoin.
“Probably now BTC has entered the next bull price cycle.
This has historically resulted in significant growth in overall crypto market value, increased retail and institutional adoption, and higher crypto trading volumes.
And as a result, crypto winter is over and spring is here.”
Giving the good news to investors that the crypto winter is over, the bank also stated that Coinbase will be the platform that will benefit the most in the bull market.
Bank analyst Mike Colonnese said in a report released yesterday that the worst is over, noting that as a high-value, publicly traded crypto company, Coinbase is uniquely positioned to profit from its future bull run.
“Ultimately, we view COIN as a scarce asset because Coinbase is the only publicly traded domestic crypto company in the US with a market capitalization of more than $10 billion, meaning competition for investor capital is extremely limited.
We expect Coinbase to expand its market share in the cryptocurrency industry for the remainder of 2023."
Mike Colonnese, who has set a target of $75 per share for COIN, stated that this price target is due to the expectation and expectation about Coinbase, and Coinbase has a solid user base.
Finally, noting that the SEC does not pose a threat to Coinbase, the analyst said, "The SEC has generally taken action against staking services. Fortunately, Coinbase's revenue from staking services was only 3%." said.
*Not investment advice.