Goldman Sachs Sees Crypto Nearing a Bottom as Prices Stabilize After 46% Slide

Goldman Sachs says Bitcoin and the broader crypto market may be nearing a turning point after months of declines, with prices now stabilizing following a drawdown that mirrors past cycle patterns. In a note, analyst James Yaro said crypto valuations have steadied after a sharp selloff from October 2025 highs, shaped by softer trading activity, shifting investor positioning, and macro headwinds. Goldman estimates crypto-related stocks are down about 46% from October 2025 peaks. Despite continued volatility, price action has flattened, a setup the bank says often appears as markets enter historically typical drawdown zones. The firm argues this has made parts of the sector more compelling on valuation. Goldman flagged Robinhood, Figure Technologies, and Coinbase as names to watch. Figure's price target was raised to $42 from $39, implying 35% upside. Robinhood continues to add tools for active traders and expand its financial product lineup. Coinbase is leaning into derivatives, subscriptions, and equities trading as it broadens revenue sources during slower market phases. Trading activity remains the key near-term risk. Goldman warned volumes could slip further, potentially cutting 2026 revenue by 2% and profits by 4%. Historically, the bank said, low-volume stretches tend to persist for roughly three months before improving. Bitcoin recently fell from about $75,000 to $67,000 and then stabilized, trading in a $60,000 to $75,000 band. K33 Research pointed to easing ETF selling and firmer long-term holding behavior as supportive signals. Supply held for more than six months has increased, suggesting reduced selling pressure. Flows into ETFs have also turned mildly positive since late February, a change from the heavy distribution seen after October. Open interest remains subdued and funding rates are still negative. Bernstein said Bitcoin may have already marked its cycle bottom, reiterating a $150,000 year-end target on expectations for sustained ETF demand and continued corporate treasury adoption. The firm highlighted Strategy's Bitcoin position, valued at $53.5 billion, as evidence of ongoing institutional participation. Analysts added that fewer investors appear to be exiting positions below $100,000, helping prices hold steadier.