Coinbase CEO Brian Armstrong said bitcoin may have already found a bottom near $60,000, while cautioning that no one can call the exact low with certainty. In a video posted on X on Monday, Armstrong said his instinct was that the market had probably bottomed, “maybe at the sixty K number,” and added that he remains long bitcoin and expects prices to be much higher by 2030.
He also repeated his view that bitcoin is “the new digital gold.” The remarks came as BTC traded back above $66,000 on Monday, up nearly 3% over the past 24 hours. The move followed a deal between the US and Iran to reopen the Strait of Hormuz. Earlier, on June 5, bitcoin had fallen to about $59,743, its weakest level since October 2024, before rebounding.
Armstrong points to the four-year halving cycle
Armstrong said bitcoin’s four-year halving cycle remains a useful framework for interpreting the current pullback. Historically, that cycle has alternated between bull and bear phases at fairly regular intervals. Even after the rebound, bitcoin is still down roughly 50% from its all-time high near $126,000 reached in October 2025.
Last week, he also argued on X that bitcoin’s price decline was obscuring strength elsewhere in crypto. He wrote that derivatives, stablecoins and prediction markets were all moving higher, adding that it would take time for the market to absorb that shift.
Onchain data shows value support, not a confirmed recovery
That bottom call comes with limits. Onchain analytics firm CryptoQuant said last week that bitcoin had entered a historical value zone near its realized price of about $53,600, but demand conditions were still deeply negative and ETF flows had yet to stabilize.
In other words, a price floor and a confirmed recovery are not the same signal. Traders are still watching for macro catalysts before the market’s next direction becomes clearer.