Armstrong said his view is that Bitcoin may already have put in a market bottom, citing the asset’s four-year cycle, which has historically aligned with major lows.
Coinbase (COIN) CEO Brian Armstrong suggested Bitcoin (BTC) may have formed a floor around the $60,000 region.
“My instinct is that we’ve likely bottomed here, maybe in the $60K area, but nobody can know for sure,” Armstrong said in a video posted on X on Monday. He added that he remains bullish on Bitcoin and expects substantially higher prices by 2030.
He also described Bitcoin as “the new digital gold.”
Bitcoin traded above $66,000 on Monday, up nearly 3% over the past 24 hours, after news that the U.S. and Iran agreed to reopen the Strait of Hormuz. Earlier in June, BTC fell to around $59,743 on June 5, its lowest level since October 2024, before rebounding.
Armstrong pointed to Bitcoin’s four-year halving cycle, which has historically marked alternating bull and bear phases, as a guide for understanding the current pullback. The asset remains roughly 50% below its October 2025 peak near $126,000.
The Coinbase CEO also said last week that Bitcoin’s decline is masking underlying strength in broader crypto markets. “Derivatives, stablecoins, prediction markets are all up,” he wrote on X on June 5. “It will take time for that to be reflected.”
However, his bottom call comes with important caveats.
On-chain analytics firm CryptoQuant noted that although Bitcoin has entered a historical value zone near its realized price of about $53,600, demand remains weak and ETF inflows have yet to stabilize. While price may be approaching a floor, confirmation of a sustained recovery is still lacking, leaving markets dependent on macro catalysts for direction.
