Coinbase CEO Brian Armstrong suggests Bitcoin may have bottomed at $60,000, while remaining optimistic about its future growth.
Armstrong's Insights on Bitcoin's Market Cycle and Future Prospects
Brian Armstrong, the CEO of Coinbase, has suggested that Bitcoin might have reached its lowest point around $60,000. He expressed this view in a recent video on X, where he emphasized the uncertainty in predicting market movements.
Armstrong, who refers to Bitcoin as "the new digital gold," remains bullish about the cryptocurrency's future, maintaining a long position and forecasting significant price increases by 2030. He stated, "My instinct is we probably have bottomed at this point, maybe at the sixty K number, but nobody can say for sure."
Currently, Bitcoin is trading above $66,000, having seen a nearly 3% rise in the past 24 hours. This increase follows a recent agreement between the US and Iran regarding the reopening of the Strait of Hormuz. Bitcoin had previously dropped to approximately $59,743 on June 5, marking its lowest point since October 2024, before making a recovery.
Armstrong pointed to Bitcoin's historical four-year halving cycle as a framework for understanding the current downturn, noting that price movements have historically alternated between growth and decline. However, Bitcoin's current value remains about 50% lower than its all-time high of nearly $126,000, reached in October 2025.
Despite his optimistic outlook, Armstrong acknowledged the challenges facing the market. He noted that while there are signs of strength in the overall crypto market—such as increases in derivatives, stablecoins, and prediction markets—demand for Bitcoin itself is still weak, and ETF inflows have not yet stabilized. Onchain analysis from CryptoQuant has indicated that Bitcoin is in a historically undervalued zone near its realized price of about $53,600, but negative demand conditions remain a concern. Traders are advised to remain vigilant for macroeconomic factors that could influence market direction.
