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Goldman Sachs: Bitcoin May Reach New High Over $3,600
Goldman Sachs has issued a new forecast for the price of bitcoin, finding it will likely remain volatile before testing all-time highs again.
By Wolfie Zhao
Updated Sep 13, 2021, 6:46 a.m. Published Jul 26, 2017, 9:10 a.m.
Reversing a bearish outlook for the price of bitcoin, Goldman Sachs chief technician Sheba Jafari told clients in a new report this week that the cryptocurrency may reach a new high over $3,600 soon.
As profiled by Business Insider, the movement is in line with Jafari's earlier analysis, reported on June 13, when she suggested the price would temporarily drop below $2,000, only to then turn bullish.
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Indeed, since surpassing its all-time high over $3,000 on June 12, the bitcoin price tumbled to as low as $1,836 on the CoinDesk Bitcoin Price Index. Shortly thereafter, it hit a one-month high across major exchanges amid progress on its technical roadmap.
With this much foreseen, Jafari now believes the price of bitcoin is in for a period of fluctuation, at least until a new wave of price growth begins.
"Anything above 3,000 (June 13th high) will suggest potential to have already started wave V, which again has a minimum target at 2,988 and scope to reach 3,691," Jafari wrote in the note.
Goldman Sachs image via Shutterstock
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
알아야 할 것:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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