According to the analyst, 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.”Colonnese added that Coinbase is"uniquely positioned to benefit from the large and rapidly growing global crypto economy” given that it stands as the largest publicly-traded crypto exchange in the world.
He explained that the new price target is based on an expectation that Coinbase will continue to benefit from the “continuation of crypto’s bullish price action in 2023.” He noted that bullish sentiment typically precedes a Bitcoin (
According to the analyst, 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.”