Bullish Coinbase Options Traders Predict Ongoing Stock Rally This Week

Coinbase Global, Inc. COIN shares traded higher on Tuesday after Bitcoin BTC/USD surpassed the $30,000 mark during the session.

The world's largest cryptocurrency by market cap broke through the $30,000 level for the first time since June 2022.

On CNBC’s "Options Action," Mike Khouw of Optimize Advisors said Coinbase traded at 1.7x average daily call volume and was one of the busiest single stock options on Tuesday.

Don’t forget to check out our premarket coverage here

There were buyers of 28,277 of the April 14 weekly 75-calls at an average price of $1.44 per contract, Khouw said.

Start Futures Trading Fast — with a $200 Bonus

Join Plus500 today and get up to $200 to start trading real futures. Practice with free paper trading, then jump into live markets with lightning-fast execution, low commissions, and full regulatory protection.

The trader expects Coinbase shares to continue to rally this week.

B of A Securities analyst Jason Kupferberg, meanwhile, maintained Coinbase with an Underperform rating and raised the price target from $38 to $45.

Price Action: Coinbase shares gained 6.1% to close at $70.19 on Tuesday, and added 0.6% in the after-hours trading session.

Check This Out: Top 5 Energy Stocks Which Could Rescue Your Portfolio This Month

Photo: Shutterstock

$BTCBitcoin

$97019.023.01%