Goldman Sachs has signaled that the cryptocurrency market may be nearing a turning point after months of declines. In a recent note, analyst James Yaro observed that prices have stabilized following a steep drop since October 2025. Crypto-related stocks have fallen roughly 46% from their highs, but recent price action has flattened — a pattern seen near historical drawdown bottoms.
46% Drawdown Sparks Interest in Robinhood, Figure, Coinbase
Yaro noted that valuations across crypto equities have become more attractive. Goldman highlighted Robinhood, Figure Technologies, and Coinbase as key names to watch. Figure's price target was raised to $42 from $39, implying a 35% upside. Robinhood continues expanding services for advanced traders, while Coinbase focuses on derivatives, subscriptions, and equities to diversify revenue streams.
However, Goldman warned that trading volumes could decline further in the near term, potentially reducing 2026 revenues by 2% and profits by 4%. Historically, such low-volume spells last about three months before recovery begins.
On-Chain Data and ETF Flows Support Bottom Thesis
Bitcoin recently fell from roughly $75,000 to $67,000 before stabilizing, and has since traded in a $60,000-$75,000 range. K33 Research noted that reduced ETF selling and stronger long-term holding patterns are supporting price stability. Supply held for over six months has increased, indicating lower selling pressure.
ETF flows have turned mildly positive since late February — a shift from heavy distribution after October. Meanwhile, open interest remains low and funding rates are negative, characteristics often seen during bottoming phases.
Bernstein Keeps $150K Target; Strategy Holds $53.5B in Bitcoin
Bernstein maintained its view that Bitcoin has already reached its cycle bottom, reiterating a $150,000 year-end target. The firm cited ETF demand and corporate treasury adoption as key drivers. Strategy (formerly MicroStrategy) holds $53.5 billion worth of Bitcoin, reflecting continued institutional participation. Analysts noted that fewer investors are exiting positions below $100,000, helping to stabilize prices.
Goldman's analysis aligns with on-chain data and institutional behavior, though low trading volumes and macro pressures remain risks. Whether the market has truly bottomed will depend on capital flows and volatility in the coming weeks.