TLDR:
- Coinbase CEO Brian Armstrong believes Bitcoin likely bottomed near $60K, citing the four-year halving cycle.
- Bitcoin dropped to $59,743 on June 5 before rebounding above $66,000 following a US-Iran Strait of Hormuz deal.
- Armstrong remains long on Bitcoin and expects prices to be significantly higher by the year 2030.
- CryptoQuant warns demand conditions stay negative and ETF flows remain unstable despite Bitcoin’s value zone entry.
Coinbase CEO Brian Armstrong has suggested that Bitcoin likely found its price floor near $60,000, though he stopped short of making a definitive call.
Armstrong shared the view in a video posted on X, pointing to Bitcoin’s historical four-year halving cycle as context.
The token had dropped to $59,743 on June 5 before recovering above $66,000. Armstrong remains long on Bitcoin and expects prices to climb significantly by 2030.
Armstrong Points to Halving Cycle as Market Compass
Brian Armstrong shared his read on Bitcoin’s current position in a video posted to X on Monday. He stated, “My instinct is we probably have bottomed at this point, maybe at the sixty K number, but nobody can say for sure.” The Coinbase CEO framed his view around the asset’s well-known four-year halving cycle.
That cycle has historically alternated between bull and bear markets at regular intervals. Bitcoin is currently trading roughly 50% below its October 2025 all-time high of approximately $126,000. Armstrong used this drawdown as a reference point for assessing where the market stands today.
Armstrong also reinforced his long-term conviction in the asset’s fundamentals, stating plainly, “I think bitcoin is the new digital gold.”
He expects Bitcoin prices to be meaningfully higher by 2030, reflecting a broader thesis on the asset’s role in the global financial system.
Bitcoin climbed above $66,000 on Monday, gaining nearly 3% over 24 hours. The recovery came after the US and Iran reached a deal to reopen the Strait of Hormuz, which eased broader market concerns and lifted risk assets.
On-Chain Data Paints a More Cautious Picture
Armstrong also addressed the wider crypto market in a post on X on June 5, the same day Bitcoin hit its recent low.
He wrote, “Derivatives, stablecoins, prediction markets are all up,” adding that it would “take some time for this to sink in.” The post pointed to strength beneath the surface despite Bitcoin’s price weakness.
On-chain analysis firm CryptoQuant offered a more measured view of the situation. The firm noted that Bitcoin has entered a historical value zone near its realized price of around $53,600. However, demand conditions remain deeply negative, and ETF flows have not yet stabilized.
CryptoQuant’s data draws a clear distinction between a price floor and a confirmed recovery. Traders will need to see sustained macro catalysts before a clearer directional trend can be established. A single bounce does not confirm a cycle bottom.
The broader context matters here. Armstrong’s bottom call carries the same uncertainty that on-chain data reflects.
Market participants continue watching macro developments alongside technical signals before committing to a recovery narrative.
