And despite a very rocky 2022, shares are up 67% so far in 2023. The Bull Case for CoinbaseĬoinbase is backed with investments by reputable funds within financial services, such as Andreessen Horowitz and Cathie Wood’s Ark Invest. Another good sign is its focus on new product development. Here are some of the main points of consideration. Several positives and negatives affect Coinbase’s stock price. The Bull Case and the Bear Case for Coinbase The most bullish among them have price targets as high as $200. However, 26 analysts polled by CNN Business offered a median 12-month price forecast of $55, which is 4.6% lower than its current price. The economic landscape and the crypto markets could change drastically in a matter of months, making even a 12-month price target for Coinbase speculative. The consensus recommendation among 30 analysts polled by CNN Business is “hold.” What Is the Projection for Coinbase Stock in 12 Months?
Yet there are clearly still plenty of believers in the stock’s future. Chanos later criticized Coinbase’s high-cost business model, saying that brokers like Fidelity and Vanguard would eventually undercut Coinbase for the same services the exchange provides.
15 predicting that FTX’s collapse could extend the crypto winter by several months, and perhaps into the end of 2023, CoinDesk reported.Īs Fortune reported in May, well-known investor Jim Chanos predicts the price of Coinbase stock will continue to fall in the year ahead based on increased competition and shrinking revenue, perhaps to as low as $23 per share. In fact, Coinbase released a research report on Nov. In addition to the market “headwinds” Coinbase faced last quarter, it - like other exchanges and the market overall - is reeling from the collapse of rival exchange FTX.
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