While Bitcoin—and the entire cryptocurrency market—awaits crucial US economic data that could shape the Federal Reserve's path, Goldman Sachs has shared what it believes could help crypto reach a new level.

According to Matthew McDermott, Head of Digital Assets at Goldman Sachs, regulatory clarity is the key to enabling large institutions to deploy more capital into the crypto ecosystem, helping it scale significantly. A new wave of institutional investment would not only boost overall market liquidity but also lend greater legitimacy to the sector in the eyes of a broader audience. Institutional investors, known for their caution and due diligence, would further drive the development of crypto market infrastructure. Moreover, their participation would enhance the reputation of the cryptocurrency space, signaling that digital assets are no longer just the domain of enthusiasts and early adopters, but are maturing into a credible asset class worthy of attention from major financial institutions.

"One of the things we need is scale. When large institutions can allocate capital across the market, that takes it to the next level," McDermott said. He also noted that various lobbying groups are working together to push the current US administration toward implementing sound crypto regulations. "The way the US is moving forward with crypto is well-aligned with the global market," he said, adding that it will bring more people to the table and accelerate growth.

McDermott also highlighted two stablecoin bills currently in development that could have a profound impact on the crypto market. "If regulations allow financial institutions to easily adopt stablecoins, it could speed up the use of digital currency by major players," he said. "We're watching developments very closely."

On the regulatory front, Goldman Sachs is seeking a level playing field and permission to participate in all aspects of the crypto market, though it is already very active in the ecosystem. McDermott pointed out that the financial services giant runs a crypto trading business covering derivatives, futures, options, and ETF activity. The firm is focused on tokenization and bringing traditional products into a 24/7 trading environment. It has also invested in several crypto projects, especially those focused on blockchain infrastructure.

Technical outlook for Bitcoin Buyers are currently targeting a return to the $95,600 level, which would pave the way to $97,100—putting the $99,000 mark within reach. The ultimate target is around $100,000; breaking through that would signal the end of the bear market. In case of a drop, buyers are expected at $94,400. If BTC falls below this zone, it could quickly drop toward $93,600, with $91,800 being the furthest support level.

Technical outlook for Ethereum A firm breakout above $1,818 opens the door to $1,843, with the key target at $1,868. A move above that would also indicate the end of the bear market. If Ethereum declines, buyers are expected around $1,794. A drop below this zone could send ETH quickly toward $1,772, with $1,750 as the ultimate downside target.