Coinbase Global, Inc. (NASDAQ:COIN) shares are trading higher Friday as the prices of Bitcoin (CRYPTO: BTC) and other cryptocurrencies fall.
The Details:
The price of Bitcoin has fallen nearly 12% over the past five days as investors digest the movement of a large amount of Bitcoin by defunct cryptocurrency exchange Mt. Gox from a cold wallet to a new wallet, possibly in preparation for payouts to its creditors.
Cryptocurrency analyst Ali Martinez sounded a bearish alarm, with more potential downsides to follow for Bitcoin.
"Bitcoin closing below $57,000 could spell trouble, with potential support only at $51,000," Martinez stated.
At the time of publication, Bitcoin is down 3.51% over the past 24 hours at $55,430.82, according to data from Benzinga Pro.
Looking ahead to the upcoming Presidential election, Chris Senyek, Chief Investment Strategist at Wolfe Research, suggested that a Trump presidency could ease crypto regulations, benefiting companies like Coinbase.
"Trump would be less hard on crypto regulation, and Coinbase would be a big beneficiary of that given their leverage to bitcoin," Senyek said during CNBC's "Last Call" on Tuesday.
Will COIN Stock Go Up?
When trying to assess whether or not Coinbase Global will trade higher from current levels, it's a good idea to take a look at analyst forecasts.
Wall Street analysts have an average 12-month price target of $248.10 on Coinbase . The Street high target is currently at $325 and the Street low target is $110. Of all the analysts covering Coinbase, 10 have positive ratings, 6 have neutral ratings and 4 have negative ratings.
In the last month, 2 analysts have adjusted price targets. Here's a look at recent price target changes [Analyst Ratings]. Benzinga also tracks Wall Street's most accurate analysts. Check out how analysts covering Coinbase have performed in recent history.
Stocks don't move in a straight line. The average stock market return is approximately 10% per year. Coinbase is 185.75% up year-to-date. The average analyst price target suggests the stock could have further upside ahead.
For a broad overview of everything you need to know about Coinbase, visit here. If you want to go above and beyond, there's no better tool to help you do just that than Benzinga Pro. Start your free trial today.
COIN Price Action: According to Benzinga Pro, Coinbase Global shares are down 4.64% at $214.50 at the time of publication Friday.
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