GameStop (GME) prices surged by 205% in the last three days making investors triple their money this week. The stock is attracting heavy bullish sentiments as investors are flocking towards it for profits. Short-sellers lost more than $2 billion as its price spiked leading to many hedge funds losing money in the markets.
Also Read: Currency: What To Expect From The US Dollar Today
An investment of $10,000 in the GameStop stock turned $30,500 in just three days. That’s phenomenal returns in a short period despite the uncertainty of the markets. The development has put the stock under everyone’s radar as investors don’t want to miss out on massive profits.
The price of GameStop stock ended at $48.75 on Tuesday and is gearing up for the opening bell on Wednesday. A leading price prediction firm remains bullish on GameStop and predicted that it could nearly double in price again. In this article, we will highlight a tentative timeline on how high GameStop stocks could trade by the end of May or the start of June 2024.
Also Read: ChatGPT Forecasts Gold Prices For 2024
GameStop: GME Predicted To Hit $86, Here’s The Timeline
Leading metrics and price prediction firm CoinCodex has painted a rosy and bullish picture for GameStop stock. According to the forecast, GME could kick-start a rally during the first week of June and reach a new monthly high of $86.90. That’s an uptick and return on investment (ROI) of approximately 75% from its current price of $48.
In addition, the analytical firm has indicated that GameStop stocks are 100% bullish and 0% bearish. All pointers indicate a ‘strong buy’ estimating that the bull rally would continue throughout this month.
Also Read: Pepe Joins $4 Billion Market Cap Club: How High Will It Go This Week?
However, there is no guarantee that GameStop stock could reach $86 this month by surging 75% in value. The stock is highly speculative and it is advised to do thorough research before taking an entry position into GME. It has previously incurred severe losses to investors during the previous bull run where the Reddit community was involved in the rally.