Coinbase (COIN) CEO Brian Armstrong believes bitcoin BTC $ 66,805.85 may have bottomed near $60,000.
"My instinct is we probably have bottomed at this point, maybe at the sixty K number, but nobody can say for sure," Armstrong said in a video posted on X on Monday . He added that he remains long bitcoin and expects prices to be significantly higher by 2030.
I’m as bullish as ever on Bitcoin, and still long (as always). It’s never as good or bad as it seems. pic.twitter.com/AeRmUJsNt3
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."
Armstrong's bottom call comes with the same caveat the data carries.
Onchain analysis firm CryptoQuant noted last week that while bitcoin has entered a historical value zone near its realized price of about $53,600, demand conditions remain deeply negative and ETF flows have not yet stabilized. A price floor and a confirmed recovery are two different things, however, and traders will have to continue macro catalysts before a clearer direction is settled.
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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