In a striking market assessment, JPMorgan analyst Kenneth Worthington has set an $80 price target for Coinbase (COIN) stock, signaling potential headwinds for the prominent crypto exchange.

This target suggests a significant downside of over 35% from its current valuation, hinting at a potentially turbulent period ahead.

JPMorgan Analyst Casts Doubt on Coinbase’s ETF-Driven Surge

Coinbase experienced a surge in share value last year. This uptick was largely attributed to the optimistic forecasts surrounding the launch of spot Bitcoin exchange-traded funds (ETFs). However, the recent perspective offered by Worthington casts a shadow of doubt over these previous buoyant expectations.

Worthington’s analysis comes at a time when Bitcoin prices are demonstrating a noticeable decline, recently dipping below the $39,000 mark. This downward trend, according to the JPMorgan team, could lead to a diminishing enthusiasm for cryptocurrency ETFs. Such a shift would likely result in lower token prices, decreased trading volumes, and reduced ancillary revenue opportunities for firms like Coinbase.

Read more: Coinbase Review 2024: The Best Crypto Exchange for Beginners?

In his assessment, Worthington downgraded Coinbase’s stock from neutral to underweight. His evaluation underscores a skepticism about the immediate impact of the Bitcoin ETFs. Comparing the current inflows into Bitcoin ETFs with those witnessed during the launch of the Gold ETF in 2004, he noted a co

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Author: Harsh Notariya

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