Goldman Sachs Analyst: Bitcoin Price May Have Hit Cycle Bottom, But Trading Volume or Further Decline

**March 28: Goldman Sachs on Crypto Market Trends** Goldman Sachs analyst James Yaro said in a research report on March 28 that Bitcoin and the crypto market’s decline has roughly hit the historical average peak-to-trough level for this cycle. In recent weeks, Bitcoin and crypto-related stocks have been volatile but have stabilized. However, Yaro warned trading volume could fall further. In a low-volume environment, Bitcoin prices are prone to sharp swings, and any rebound may struggle to hold. He noted a meaningful rebound typically emerges about three months after volume hits a bottom. If volume keeps declining, crypto firms could see 2% lower revenue and 4% lower profit in 2026. Goldman Sachs currently holds "Buy" ratings on Robinhood, Figure Technologies, and Coinbase—each down at least 50% from their all-time highs. Yaro said digital asset-related assets are increasingly attractive entry points. Last month, Goldman Sachs CEO David Solomon revealed at the World Liberty Forum (held at Trump’s Mar-a-Lago in Florida) that he owns a small amount of Bitcoin, marking a shift from his 2024 stance. This week, Bitcoin dropped to around $60,000. Trade Nation Senior Market Analyst David Morrison noted Bitcoin previously hit resistance near $72,000 and pulled back. The daily MACD indicator is now flat at neutral levels, with short-term trend direction still uncertain.