Bullish Coinbase Options Traders Predict Ongoing Stock Rally This Week

Coinbase Global, Inc. (NASDAQ: COIN) shares traded higher on Tuesday after Bitcoin (CRYPTO: BTC) 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.

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

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.

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