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Goldman Sachs thinks bitcoin prices bottomed out. The investment bank’s analyst James Yaro wrote Thursday that crypto markets probably can’t fall much more after months of brutal selling that crushed crypto stocks by 46% since October 2025, and CNBC picked up the story fast.
Yaro’s team likes three stocks right now: Robinhood, Figure Technologies, and Coinbase. All three got “buy” ratings from Goldman’s traders. Figure Technologies caught the biggest price target bump, jumping from $39 to $42 per share, which means Goldman sees 35% upside potential for the blockchain-based home equity loan company. Robinhood keeps building tools for day traders who want more advanced features, while Coinbase pushes into crypto derivatives and even regular stock trading to grab market share from traditional brokers.
Trading Volume Concerns
But Goldman warned about one big problem. Trading volumes might keep dropping.
The bank’s math shows that if crypto trading stays weak, companies could see 2026 revenues fall 2% and profits drop 4%. That’s not catastrophic, but it’s not great either. Goldman expects volumes to bounce back within three months, though the firm didn’t say exactly why or give specific data to back up that timeline.
Bitcoin itself has been all over the map lately. The digital currency crashed from around $75,000 down to $67,000 in a matter of days, then climbed back up as selling pressure eased from both ETF investors and long-term holders who’d been dumping coins for months. Some positive news about U.S.-Iran diplomatic talks also helped lift prices, according to several crypto analysts who track geopolitical impacts on digital assets.
Market Stabilization Signs
K33 Research sees bitcoin trading between $60,000 and $75,000 over the past month. That’s pretty much a classic sign that prices want to stabilize after wild swings. Vetle Lunde, K33’s head of research, said fewer people sell when bitcoin stays below $100,000, and he’s seeing more long-term holders keeping their coins instead of panic-selling them.
ETF flows turned slightly positive since late February. The heavy selling that started in October finally stopped.
Wall Street firm Bernstein agrees with Goldman’s take and still thinks bitcoin hits $150,000 by year-end. Bernstein’s analysts point to strong ETF demand, corporate treasury buying, and MicroStrategy’s massive $53.5 billion bitcoin stash as reasons for optimism. They see the recent selloff as just a temporary mood swing, not a fundamental shift.
MicroStrategy keeps buying more bitcoin despite the volatility. CEO Michael Saylor defends the strategy as a long-term bet on digital assets, and the company now holds over 130,000 bitcoins as of March 2026. Many Wall Street watchers use MicroStrategy’s moves as a gauge for institutional confidence in crypto. Industry observers have noted parallels with Goldman Sachs Spots Bitcoin Bottom as in recent weeks.
Coinbase’s expansion into regular stock trading and banking services could help offset any decline in crypto trading fees. The company’s diversification strategy makes sense given how unpredictable crypto volumes can be. Robinhood’s push for advanced trading tools targets serious traders who generate higher fees than casual investors.
Yaro’s research note mentioned geopolitical factors playing a bigger role than expected. The U.S.-Iran talks helped reduce some global uncertainty that had been weighing on risk assets like bitcoin. Crypto markets often react to international tensions, and any easing tends to boost prices.
Both Goldman and Bernstein think the market moved from a distribution phase where big holders sold coins to a stabilization phase where prices find a floor. That could set up gains later in 2026 if trading volumes recover and institutional demand stays strong.
Figure Technologies’ 35% upside potential reflects Goldman’s confidence in blockchain-based financial services. The company’s home equity loan platform uses distributed ledger technology to speed up traditionally slow mortgage processes, and Goldman sees that as a competitive advantage worth betting on.
What Comes Next
K33’s Lunde noted that bitcoin supply held for more than six months keeps growing. That usually means investors feel confident enough to hold rather than sell, which reduces downward price pressure and creates more stable market conditions.
Coinbase reported steady user growth despite market turbulence, and the company’s move into traditional equities trading puts it in direct competition with established brokers. The strategy could pay off if crypto trading stays choppy but stock market activity remains strong. Analysts have drawn connections to Goldman Sachs Launches Blockchain Platform as amid evolving conditions.
MicroStrategy’s bitcoin holdings exceed 130,000 coins worth billions at current prices. Saylor’s aggressive accumulation strategy continues to draw attention from institutional investors who see the company as a proxy for bitcoin exposure without directly buying cryptocurrency.
Goldman’s analysis comes as the broader crypto sector faces regulatory clarity in several key markets. The European Union’s Markets in Crypto-Assets regulation took full effect in December 2024, while Japan expanded its digital asset framework to include more institutional products. These developments could boost trading volumes as more traditional financial firms enter the space with clearer legal guidelines.
The timing of Goldman’s bullish call coincides with several major pension funds quietly adding crypto allocations. CalPERS and the Teacher Retirement System of Texas both disclosed small bitcoin positions in recent filings, signaling growing institutional acceptance despite the recent price volatility.
Frequently Asked Questions
Which stocks does Goldman Sachs recommend buying?
Goldman rates Robinhood, Figure Technologies, and Coinbase as “buy” picks, with Figure getting the biggest price target increase to $42.
What’s bitcoin’s current trading range?
Bitcoin has traded between $60,000 and $75,000 over the past month, which K33 Research sees as a stabilization pattern.
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