Goldman Sachs Boosts Crypto Outlook, Raises Coinbase Price Target to $196

Goldman Sachs has issued a cautiously bullish report on crypto for the second half of 2026. The financial institution maintained buy ratings on Coinbase Global and Robinhood Markets, raising its price target for Coinbase to $196 from $173.

The move came as Bitcoin surged 26% higher over the week, touching an intraday high near $81,000 before easing back toward $79,000 on profit-taking. However, crypto trading volume fell by 30% in July and another 21% in August, leaving activity roughly 75% below its recent peak.

Goldman is betting that rising prices and new revenue lines can carry crypto stocks even while the trading engine underneath them idles. Coinbase and Robinhood have pushed into prediction markets, tokenized stocks, and perpetual futures, products that can generate fees regardless of whether people are actively buying and selling Bitcoin or Ethereum.

The bank's report indicates that the current volume slowdown in crypto is longer than in previous contractions, although total market capitalization has rebounded 21% to $2.8 trillion, a move that could spur increased trading activity if sustained.