I last wrote about Bitcoin, cryptocurrencies, and COIN shares on Barchart on March 12, 2026, when I concluded with the following:
Given the correlation between COIN and Bitcoin, COIN remains a proxy for the cryptocurrency asset class. While highly volatile, a small allocation to the asset class could yield significant returns when prices recover. Bitcoin and cryptocurrencies continue to experience boom-and-bust price action. If the trend continues, buying COIN at the current level with a plan to add on a scale-down basis could be optimal when a substantial recovery occurs.
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Bitcoin was trading at $70,810 per token on March 11, with COIN shares at $197.13. In late April, Bitcoin was higher, with COIN above the March 11 level. Cryptos had been stuck in neutral, but the consolidation period is likely to end soon. The odds favor another move higher in the current environment.
Bitcoin has consolidated in a range, but could be breaking out
Bitcoin dropped 52% from a record high of $126,184.05 on October 6, 2025, to a low of $60,514.55 on February 6, 2026.
The daily chart shows the decline and subsequent price consolidation from $62,658 to $75,952.37 from February 24 through April 13, 2026. On April 14, Bitcoin eclipsed the $76,000 level and made a higher high on Wednesday, April 22, of over $79,140. From a short-term perspective, Bitcoin has been making higher lows and higher highs and has broken out above the upper end of the consolidation range, suggesting that further gains could be on the horizon.
COIN was also stuck in a range, but could be breaking out
Coinbase Global Inc (COIN) shares dropped 68.7% from a record high of $444.64 on July 18, 2025, to a low of $139.36 on February 12, 2026.
The daily chart shows the decline and the subsequent price consolidation between $152.70 and $213.50 from February 24 through April 16, 2026. On April 17, COIN eclipsed the $213.50 level and set a new high of over $216 per share on Friday, April 17. From a short-term perspective, COIN has also been making higher lows and higher highs and has broken out above the top side of the consolidation range, suggesting that further gains could be on the horizon.
The factors that support higher prices
The following factors support higher prices for cryptocurrencies, Bitcoin, and COIN shares:
Cryptocurrencies and markets across most asset classes have been following crude oil’s price since hostilities in the Middle East began in late February and March 2026. On Friday, April 17, crude oil prices fell sharply as a peaceful solution to the Middle East crisis appeared to be on the horizon. The U.S. blockade of the Strait of Hormuz and the prospects for reopening the critical seaway passage sent crude oil prices temporarily lower, while boosting prices for stocks, bonds, metals, and cryptocurrencies. The U.S. administration has been highly supportive of cryptocurrencies, validating their role in the financial system. Bitcoin and cryptocurrencies have experienced boom-and-bust price action since 2010. Substantial corrections over the past years have given way to new all-time highs. Bitcoin’s most recent price action suggests that the leading cryptocurrency is on the verge of another breakout rally.The issues that could weigh on cryptocurrencies
The issues that could send Bitcoin, COIN, and cryptocurrencies lower are as follows:
The conflict in the Middle East is not over, and further hostilities could cause price spikes in crude oil. Higher crude oil prices have weighed on markets across most asset classes, and the cryptocurrency sector is no exception. While the U.S. administration remains supportive, cryptocurrencies have many opponents who continue to question their intrinsic value. Past downside corrections have sent Bitcoin and other cryptocurrencies down by more than 52%. The correction from the November 2021 high to the November 2022 low took Bitcoin 77.48% lower.Buying COIN on a scale-down basis has been profitable since mid-March
I recommended buying COIN shares on a scale-down basis in my March 12, 2026, Barchart article. COIN was trading at $197.13 per share on March 11.
The daily chart shows that COIN shares fell to a low of $158.46 on March 30, before turning higher. Since then, COIN has made higher lows and higher highs, rising above $216 on Friday, April 17. Therefore, purchasing COIN scale-down during the recent price weakness was optimal, leading to a profitable long position on a mark-to-market basis.
I believe the case for higher Bitcoin and cryptocurrency prices is compelling in the current environment. The technical break on the upside only validates the bullish case for the asset class. As the leading U.S. cryptocurrency platform, COIN shares stand to gain alongside cryptocurrencies. Therefore, I reiterate my buy recommendation for the shares.
On the date of publication, Andrew Hecht did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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