Coinbase Stock Opens 5% Higher As BTC Hits $72,000 – Latest Price Forecast & Analysis

The stocks of crypto companies like Coinbase (NASDAQ: COIN) are in goldilocks as Bitcoin price has exceeded $72,000. The pioneering digital asset is gaining strength above its previous all-time high of $69,000 after multiple failed attempts to break the key level last week.

This has resulted in a strong demand for Coinbase stock, as it is the biggest cryptocurrency exchange in the United States. The company carried an IPO during 2021's bull run, and its shares tanked very hard in the bear market as BTC hit $15.5k.

However, the stock has shown an incredible recovery from the bear market lows and has been in a continuous uptrend for the last 12 months. Since the start of 2024, the shares of the crypto giant have been up 51%, which depicts investor confidence in what many consider to be a blue-chip crypto company.

On Monday, Coinbase stock price opened at 270.08, which was nearly 5% higher than last week's closing price. However, the shares had a pullback as the benchmark indices slipped 0.25-0.30% in the early hours of the first trading session of the week.

A major headwind for Coinbase Inc. is the firm's ongoing legal battle with the SEC. A recent ruling in the SEC's Coinbase insider trading lawsuit reveals that some secondary sales of crypto tokens can be considered securities. Analysts believe this ruling might impact the SEC's ongoing lawsuits against Binance and Coinbase.

Coinbase Stock Price Forecast

As with Bitcoin and Ethereum, NASDAQ: COIN is also trading at its highest level in the last two years. The last time the company's stock traded at $261 was in January 2022. Technical analysis of the weekly timeframe reveals a supply zone above $282, which could be the last resistance before a move toward $370.

This level also aligns with the 0.786 Fib retracement level when connecting the November 2021 high of $369 to the bear market low of $31.83. It is also worth mentioning that Coinbase stock price prediction mainly depends on the stability of the crypto prices. In the event that the price of Bitcoin experiences a significant correction, the stocks of crypto companies like Coinbase will also follow.