"The worst is over"...Coinbase, 'Buy' rating for Bitcoin (BTC)

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An analysis suggests that the Bitcoin (BTC) bear market is nearing its end. The investment rating for Coinbase Global (COIN) has also turned to 'Buy'.

According to the cryptocurrency media outlet TheStreet on July 8 (local time), U.S. Tiger Securities upgraded its investment rating for Coinbase from 'Hold' to 'Buy', setting a target price of $200. This marks a change in perspective for the securities firm, which had maintained a 'Hold' rating until May, after just two months.

Bo Pei, an analyst at U.S. Tiger Securities, attributed the upgrade in investment rating to Bitcoin's trend. Pei believes that Bitcoin is likely to have entered the final quarter of its bear market.

Bitcoin has fallen by approximately 54% from its cycle high in October 2025. On-chain profitability has also undergone a significant readjustment. There have also been about three significant sell-off phases accompanied by realized losses. U.S. Tiger Securities stated, “The largest part of the cycle risk reduction process has already passed.”

Pei diagnosed that the remaining downside risk is increasingly resembling the latter half of a bear market. He cited liquidity recovery and institutional capital allocation as drivers for the next bull cycle. Increased preference for cryptocurrency risk assets was also included as a growth driver. The assessment is that Coinbase could benefit from the changes in the Bitcoin cycle.

However, an opposing view remains. Baird maintained a 'Neutral' rating for Coinbase. Cryptocurrency trading volume decreased by 22% compared to the previous quarter. Baird projected Q2 revenue to fall approximately 8% below market expectations. The divergence in views among securities firms regarding the Bitcoin bear market outlook and Coinbase's performance burden is becoming clear.

[Article Summary]

-U.S. Tiger Securities upgraded Coinbase's investment rating from 'Hold' to 'Buy' and set a target price of $200.

-An analysis suggests that Bitcoin has entered the final quarter of its bear market, having fallen approximately 54% from its October 2025 high.

-Baird maintained a 'Neutral' rating for Coinbase, citing a 22% decrease in trading volume and a projected decline in Q2 revenue.

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