Goldman Sachs analysts say Bitcoin prices may have already hit the bottom of this cycle, but trading volume could decline further.

Odaily Planet Daily reports that Goldman Sachs analyst James Yaro stated in a research report that the decline in Bitcoin and the cryptocurrency market has roughly reached the historical average level from peak to trough in this cycle, with Bitcoin and cryptocurrency-related stocks showing volatile but stabilizing performance in recent weeks.

However, Yaro warned that trading volume may decline further, and in a low trading volume environment, Bitcoin prices can experience drastic fluctuations, making any rebound difficult to sustain. He pointed out that trading volume typically remains at a bottom for about 3 months before showing a significant recovery. If trading volume declines further, revenue for crypto companies in 2026 could decrease by 2%, and profits could decrease by 4%.

Goldman Sachs currently rates Robinhood, Figure Technologies, and Coinbase as “buy,” with the stock prices of these three companies down at least 50% from their historical highs. Yaro stated that digital asset-related targets are presenting increasingly attractive entry points.

Goldman Sachs CEO David Solomon revealed last month at the World Liberty Forum hosted by Trump at Mar-a-Lago in Florida that he holds a small amount of Bitcoin, representing a shift in his stance for 2024.

This week, the price of Bitcoin fell back to around $60,000. Trade Nation senior market analyst David Morrison pointed out that Bitcoin previously faced resistance and retreated around $72,000, and the daily MACD indicator is flattening at neutral levels, with the short-term trend direction still unclear.