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Coinbase Global Inc (Nasdaq: COIN) has more than quadrupled this year already but a Needham analyst is convinced that it still has more room to the upside.

Coinbase stock could climb to $160

On Tuesday, John Todaro reiterated his “buy” rating on the largest U.S. crypto exchange and raised his price target to $160 that suggests another 13% upside on its previous close.

The analyst remains constructive on Coinbase stock especially because its rival Binance recently announced plans of leaving the United States as part of its settlement with the Department of Justice.

With greater market share, Coinbase has additional pricing levers that can help offset the natural take rate decline due to mix shift, giving us increased confidence in our 2024 revenue estimates.

Last month, Coinbase Global reported solid results for its third financial quarter.

Bitcoin has been breaking to the upside

The bullish call arrives as Bitcoin has surpassed the $43,000 level on hopes that Securities & Exchange Commission will soon approve the first Spot Bitcoin ETF.

Such an exchange-traded fund is expected to significantly boost institutional interest in cryptocurrencies. Note that Coinbase Global is the custodial partner of many that have filed for a Bitcoin ETF including WisdomTree, Franklin Templeton, and BlackRock.

Another possible tailwind for Coinbase stock that the Needham analyst sees for 2024 is Bitcoin halving that is scheduled for the coming spring.

JUST IN – CNBC discussing the #Bitcoin halving: "For the first time in history, you have an asset that is more scarce than gold." pic.twitter.com/2DD75Tswcu

— Bitcoin Magazine (@BitcoinMagazine) December 5, 2023

In August, Coinbase secured approval to offer Bitcoin futures trading in the United States.

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