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 crypto-related stocks showing volatility but stabilizing in recent weeks.

However, Yaro warned that trading volume may decline further, and in a low trading volume environment, Bitcoin prices could experience severe fluctuations, making any rebound difficult to sustain. He noted that trading volume typically remains at a bottom for about three months before showing a significant recovery. If trading volume continues to decline, revenues for crypto companies in 2026 could decrease by 2%, and profits could drop by 4%.

Goldman Sachs currently has “buy” ratings for Robinhood, Figure Technologies, and Coinbase, all of which have seen their stock prices drop at least 50% from their historical highs. Yaro stated that digital asset-related assets 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, marking a shift in his stance for 2024.

This week, Bitcoin’s price fell back to around $60,000, and Trade Nation senior market analyst David Morrison pointed out that Bitcoin previously encountered resistance around $72,000 before retreating. Currently, the daily MACD indicator is flattening at a neutral level, and the short-term trend direction remains unclear.