Armstrong said his view is that Bitcoin may have already formed a bottom, pointing to the asset’s recurring four-year cycle that has historically aligned with major market lows.
Coinbase (COIN) CEO Brian Armstrong suggested that Bitcoin (BTC) could have established a floor near the $60,000 level.
“My instinct is that we’ve likely bottomed here, maybe around the $60K area, though no one can say with certainty,” Armstrong said in a video posted on X on Monday. He added that he remains long Bitcoin and expects materially higher prices by 2030.
He also reiterated his view that Bitcoin functions as “digital gold.”
Bitcoin was trading above $66,000 on Monday, up nearly 3% over 24 hours, after news that the U.S. and Iran reached an agreement to reopen the Strait of Hormuz. Earlier in the month, BTC had fallen to around $59,743 on June 5, its lowest level since October 2024, before recovering.
Armstrong referenced Bitcoin’s four-year halving cycle, which has historically marked alternating bull and bear phases, as a framework for interpreting the current correction. Bitcoin remains roughly 50% below its October 2025 peak near $126,000.
Last week, the Coinbase chief also argued that the recent price drop obscures broader strength across the crypto sector. “Derivatives, stablecoins, prediction markets are all up,” he wrote on X on June 5. “It will take time for that to be reflected.”
His call on a potential bottom, however, comes with caveats.
On-chain analytics firm CryptoQuant noted that while Bitcoin has entered a historical value zone near its realized price of roughly $53,600, demand conditions remain weak and ETF flows have not yet stabilized. A market bottom and a confirmed recovery, however, are not the same, leaving traders still dependent on macro signals for clearer direction.
