Goldman Sees Bitcoin Bottom Near $70K After 45% Drop
Goldman Sachs says Bitcoin may be nearing a bottom after a sharp correction of about 45% from its prior peak. The bank points to early stabilization signals, including falling forced selling and improving market balance as ETF and large-holder outflows cool.
BTC was around $68,562 at the time of the report, near the $70,000 support range analyst James Yaro highlighted. Goldman also stresses that this is “may have bottomed,” not confirmed, so any rebound could be uneven.
Beyond Bitcoin, Goldman flags a crypto-ETF reshuffle: roughly $2.36B combined in BTC and ETH ETF holdings in its own exposure data, reduced spot Bitcoin ETF holdings by about 40%, and increased XRP-focused ETF exposure (about $152M across four funds). In crypto equities, sentiment is turning more constructive for names like Coinbase and Figure Technologies.
For traders, the key signal is that Bitcoin downside pressure is easing, but the path back looks gradual through 2026, with volumes still below 2025 highs.
Bullish
Goldman’s view is constructive for Bitcoin because stabilization signals are improving: forced selling/liquidation pressure appears to be easing and ETF/large-holder outflows are cooling. That increases the probability of a base-building phase around the ~$70,000 area, which can support short-term dip-buying.
However, the bank’s wording is cautious (“may have bottomed”), and trading volumes remain below 2025 highs. So the impact should be bullish but gradual—more consolidation than a straight-line rally. Longer term, the expectation of a gradual 2026 recovery and renewed institutional involvement (plus an ETF reallocation rather than a complete retreat) can help sustain a recovery attempt even if rebounds are choppy.