Goldman Sachs analysts say cryptocurrency prices may have already reached a cyclical bottom. CNBC reported that the Wall Street firm struck a more constructive tone in a note published Wednesday after a months-long market correction. Bitcoin has fallen about 45% from its October 2025 peak above $126,000 and was trading around $69,000 to $71,000 as of March 26, 2026.
A cautious shift in Goldman’s market view
The language was measured. Goldman did not declare a confirmed bottom; it said prices “may have bottomed”. Analysts cited technical stabilization, better liquidity signals, and a drop in forced selling as support for that view. CNBC also said the bank highlighted “attractive setups” in crypto-linked equities, with likely candidates including exchanges such as Coinbase and Robinhood, mining firms, and blockchain infrastructure companies.
The change stands out because Goldman’s own exposure to digital assets has expanded. In its 2026 13F filings, the firm disclosed roughly $2.36 billion in bitcoin ETF and ether ETF exposure at the time of filing. In February 2026, CEO David Solomon said publicly that he personally owns “very little” bitcoin, a clear change from earlier comments in which he said he did not see a real use case for the asset. Goldman also upgraded Coinbase to “Buy” in January 2026, pointing to resilient retail trading and progress on regulation.
Other institutions are making similar calls
Goldman is not the only firm leaning in that direction. The report noted that Bernstein analysts recently said bitcoin’s cyclical low had been confirmed and repeated a $150,000 target for 2026. Other institutional desks have pointed to onchain capitulation signals and technical support in the $60,000 to $65,000 area as evidence that selling pressure is fading.
The broader correction was tied to delayed Federal Reserve rate cuts, geopolitical stress including tensions between the United States and Iran, persistent inflation, and softer ETF inflows earlier in 2026. Some of those pressures have started to ease. Markets are also watching for possible Fed cuts later this year.
Recovery signals are showing up, but risks remain
Goldman’s note spread quickly across social media, with several large crypto-focused X accounts pushing the headline within hours. Bitcoin has reclaimed several short-term technical levels in recent sessions, and selected altcoins have shown relative strength. Even so, the report made clear that earlier bear markets also produced multiple false bottoms before any durable reversal took shape.
Macro risk has not disappeared. Goldman earlier this year raised its probability of a U.S. recession to 30%. The bank also cut some crypto ETF exposure during the late-2025 sell-off, showing that its positioning has shifted with market conditions rather than following a fixed long-term stance.