Coinbase and Bitcoin Soar as Price Breaks $80,000 Barrier

Crypto stocks surged on September 18 as Bitcoin's price recovered sharply, hitting an intraday high of over $81,000. Coinbase (COIN) shares led the charge, moving meaningfully higher and surpassing its 20-day moving average.

The stock's rally was driven by a combination of factors, including renewed spot exchange-traded fund demand, improving risk sentiment, and short covering. According to Barchart, U.S. spot Bitcoin ETFs recorded $160 million in net inflows on September 17, reversing two days of outflows.

Despite the rally, Coinbase shares are still down about 15% versus their start-of-year prices. However, the options market sentiment remains largely bullish for the near term, with a put-to-call ratio of 0.65x and an upper price target of $218 on contracts expiring mid-October.

While some analysts recommend waiting for a pullback before buying COIN stock, others see potential for a nearly 12% rally over the next four weeks. The mean price target from Wall Street firms is around $199, but this no longer signals meaningful upside potential from current levels.