Goldman Sachs: "Bitcoin Has Hit Bottom... A Real Bull Market in Three Months"

[Financial News] The Goldman Sachs Group (Goldman Sachs) has suggested that Bitcoin prices are near their bottom and predicted that a bull market is likely to unfold in about three months as trading volumes recover.
According to Forbes and other foreign media on the 28th (local time), Goldman Sachs analyst James Yaro stated, "Bitcoin and the broader crypto market have roughly reached the average level of historical drawdowns from peak to trough."
Yaro explained, "The bottoming phase in trading volumes typically lasts about three months on average before a meaningful rebound occurs." Based on historical data, he argued that a full-fledged Bitcoin rally tends to begin about three months after the price bottoms out and trading activity starts to recover.
Bitcoin, which had previously broken above the $70,000 mark, is currently trading around $66,000. According to CoinMarketCap, as of 6:45 a.m. on the 30th, Bitcoin was changing hands at $66,595, down 0.34% from 24 hours earlier, or about 100.46 million won. The price briefly fell below 100 million won over the weekend and has since seen a slight rebound. Major cryptocurrencies such as Ethereum (-0.69%), Ripple (XRP, -1.40%), and Solana (-1.01%) were also weaker.
Regarding this, Yaro noted, "Over the past few weeks, Bitcoin and crypto-related stocks have been moving sideways overall, albeit with high volatility," adding, "Trading volumes could decline further, and that drop in activity may put pressure on Bitcoin prices and the broader crypto market over the coming months." He went on to say, "If volumes fall further, revenues at crypto companies could decline by 2% and profits by 4% this year."

Yaro added, "The impact of lower trading volumes remains manageable," and advised, "Overall, we are seeing increasingly attractive entry points in digital-asset-related names, but investors need to be selective." Goldman Sachs currently maintains a "buy" rating on crypto-related companies Robinhood Markets, Figure Technologies, and Coinbase.


hsg@fnnews.com Han Seung-gon Reporter