Coinbase CEO Armstrong Says Bitcoin May Have Bottomed Around $60,000
Summary
- Armstrong said Bitcoin may have formed a bottom near $60,000, though he added that nobody can be certain.
- Armstrong said he sees Bitcoin as the new digital gold, is holding it for the long term, and expects its price in 2030 to be far higher than it is now.
- The market is increasingly looking for a short-term floor in Bitcoin near $60,000, but a full recovery would require firmer ETF flows, a rebound in trading volume, and more stable macroeconomic conditions.
Forecast Trend Report by Period
Coinbase Global Inc. Chief Executive Officer Brian Armstrong said Bitcoin may already have bottomed around $60,000, while cautioning that no one can know for certain.
In a video posted on X on June 15, Armstrong said his "gut instinct" is that Bitcoin has probably already hit its low, CoinDesk reported. "Maybe around $60,000, but nobody can say for sure," he said.
Armstrong said he remains bullish on Bitcoin over the long term. He called it the new digital gold, said he is holding it for the long haul, and expects the token to trade far above current levels by 2030.
Bitcoin traded above $66,000 on June 15, up about 3% over the past 24 hours. The gain came as appetite for risk assets partly recovered after news that the US and Iran had reached an agreement that included reopening the Strait of Hormuz. Bitcoin fell to about $59,743 on June 5, its lowest level since October 2024, before rebounding.
Armstrong also cited Bitcoin's four-year halving cycle as a measure for judging the current correction. Bitcoin has historically alternated between bull and bear markets around its halving cycles, and the current price is about 50% below the record high near $126,000 reached in October last year.
He made a similar point on June 5, saying Bitcoin's decline was obscuring the broader crypto market's underlying strength. Derivatives, stablecoins and prediction markets are all growing, he wrote, though it may take time for that to be reflected in prices.
Still, calls that Bitcoin may have bottomed near $60,000 are separate from confirmation of a broader trend recovery. CoinDesk, citing CryptoQuant analysis, said Bitcoin has entered a historically attractive value zone near its realized price of about $53,600. Demand remains weak, however, and exchange-traded fund flows have yet to stabilize.
The quick rebound from below $60,000 has raised expectations for a short-term floor. But a more durable recovery would require improving ETF flows, a pickup in trading volume and calmer macroeconomic conditions.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
