Over the past few months, sentiment in the crypto market has not been friendly. After Bitcoin retreated from its highs, many people's first reaction was: Has this wave already weakened?
But recently, Wall Street's stance has started to change.

Institutions like Goldman Sachs and Bernstein are all sending a similar signal: Bitcoin has likely entered a bottoming phase. What's more worth watching going forward is not whether it will continue to fall, but whether it will gradually regain strength.

Bitcoin may already be near the bottom

Goldman Sachs analyst James Yaro mentioned in his latest report that crypto-related stocks have cumulatively fallen 46% since October 2025, but the trend in recent weeks has started to shift from a one-sided decline to volatility with signs of stabilization.
This statement is crucial. Because a true market bottom is often not confirmed by a single big bullish candlestick, but by first transitioning from continued selling pressure to a point where it can't fall further.

Bitcoin itself is also releasing similar signals. After experiencing a sharp sell-off from around $75,000 to $67,000, the price has rebounded and has mostly been consolidating within the $60,000 to $75,000 range over the past month.
This type of price action typically resembles a bottoming structure more than a simple, rapid rebound.

K33Research's assessment is also relatively positive. They believe that reduced ETF distribution and an increase in supply held for over six months indicate the market structure is becoming more stable. In other words, the number of people willing to continue selling is decreasing, while those willing to hold long-term are increasing.

ETF selling pressure eases, long-term holders begin to provide support

One of the most important reasons Bitcoin has been able to stabilize this round is the significant easing of ETF selling pressure.

Previously, the market's biggest worry was that institutional capital would use the ETF channel for continuous distribution, keeping prices under pressure. But now the situation is starting to change:
Since late February, ETF fund flows have turned to moderate net inflows.

What does this mean?
It means the large-scale distribution phase that began after last October has basically come to an end.

At the same time, the behavior of long-term holders is also providing a floor for the market. Research head Vetterlunde pointed out that when the Bitcoin price is below $100,000, investors' willingness to exit decreases, which provides support for the price.
This type of change in capital structure is more important than short-term sentiment because it directly affects whether the market can switch from being dominated by selling pressure to being dominated by buying interest.

More interestingly, some factors that traditionally drag down risk assets in the current market have not broken Bitcoin. For example, rising oil prices, geopolitical tensions, and a hawkish Fed are all suppressing risk appetite, but Bitcoin has not continued to fall out of control. Instead, it has shown a more consolidating state.
From Wall Street's perspective, this price action is actually quite constructive.

Why is Wall Street starting to turn bullish again?

Goldman Sachs' stance this time is very direct:
Bitcoin and some cryptocurrency prices may have bottomed.

Their favored targets include Robinhood, Figure Technologies, and Coinbase, all of which were given Buy ratings.
Among them, Figure's target price was raised from $39 to $42, implying about 35% upside potential.

Goldman's logic is not complicated:
Robinhood is expanding towards more advanced traders and financial services;
Coinbase is continuing to ramp up on new product lines like crypto derivatives, subscription services, stock trading, and banking services;
Figure benefits from its blockchain home equity loan business.

Goldman also cautioned that trading volume may still decline in the short term, and 2026 revenue and profits may still be affected, but they believe trading volume will start to rebound after a median trough of about three months.
This essentially says: Short-term data hasn't fully turned positive yet, but the worst phase may be over.

Why does Bernstein still stick to $150,000?

More noteworthy is that Bernstein still maintains its year-end Bitcoin target price of $150,000.

Their judgment is also optimistic, based on three core reasons:

First, ETF inflows remain strong;
Second, corporate treasury demand for Bitcoin is still growing;
Third, the strategy of holding $53.5 billion in Bitcoin shows resilience, indicating institutional confidence hasn't significantly collapsed.

Bernstein believes this round of correction is more about sentiment repair than a deterioration in fundamentals.
In other words, the market didn't fall because Bitcoin's long-term logic broke, but rather experienced a rebalancing of positions and sentiment first.

They also mentioned that the market's continued interest in preferred shares provides additional support for long-term capital.
Overall, Bernstein's stance is clear: This is not the end of the bull market, but more like a mid-cycle shakeout.

What stage does the current market most resemble?

If we look at the views of Goldman Sachs and Bernstein together, it's easy to reach a conclusion:

Bitcoin is transitioning from a distribution phase to a stabilization phase.

What does this mean?
It means the market is starting to gradually shift from having more sellers to a stage where long-term capital is repricing.
Although there are still many macro uncertainties, such as oil prices, the geopolitical situation, and the Fed's stance, judging from price structure, ETF flows, changes in holdings, and institutional statements, Bitcoin's environment has clearly improved compared to the recent past.

Therefore, the real question the market needs to answer now is not whether Bitcoin will still be volatile, but:
Has it already completed the most painful phase of liquidation and started preparing for the next round of gains?

Judging by Wall Street's current tone, the answer clearly leans towards the latter.

$American Bitcoin(ABTC.US)