Coinbase’s Brian Armstrong says bitcoin may have bottomed at $60,000
Armstrong said his instinct is that bitcoin has probably found its floor, pointing to the four-year cycle that has historically marked lows.
- Coinbase chief executive Brian Armstrong said his “instinct” is that bitcoin likely bottomed around $60,000, while cautioning that no one can be certain.
- Armstrong, who called bitcoin “the new digital gold,” said he remains long the token and expects its price to be significantly higher by 2030 despite the recent drawdown.
- Bitcoin has rebounded to above $66,000 after dipping below $60,000, but on-chain analysts warn that weak demand and unstable ETF flows mean a price floor does not yet guarantee a sustained recovery.
Bitcoin traded above $66,000 on Monday, up nearly 3% over 24 hours, after the US and Iran reached a deal to reopen the Strait of Hormuz. The token touched a low near $59,743 on June 5, its weakest level since October 2024, before recovering.
Armstrong pointed to bitcoin’s four-year halving cycle, which has historically alternated between bull and bear markets at roughly regular intervals, as a framework for reading the current drawdown. Bitcoin is now roughly 50% below its October 2025 all-time high near $126,000.
The Coinbase chief also said last week that the drop in bitcoin’s price was masking broader health in the crypto market. “Derivatives, stablecoins, prediction markets are all up,” he wrote on X on June 5. “It will take some time for this to sink in.”
