Coinbase CEO Armstrong Says Bitcoin May Be Near a Bull Market
Summary
- Coinbase Chief Executive Officer Brian Armstrong said the cryptocurrency market may be at the threshold of a new upswing and a bull market.
- He said the US crypto market structure bill, known as the CLARITY Act, and progress toward a vote on the bill expected on Sept. 15 will be key market variables.
- He said seasonal patterns after Bitcoin’s halving, when Bitcoin has often performed relatively well from October through December, support the case for further gains.
Forecast Trend Report by Period
Coinbase Chief Executive Officer Brian Armstrong said the cryptocurrency market may be on the verge of a new upswing.
Armstrong told CNBC on Aug. 20 that “there’s a very good chance we’re standing at the threshold of the next bull market.”
He identified the US crypto market structure bill, known as the CLARITY Act, as a key variable for the market. Investors are likely to focus on progress toward a vote on the bill, which is expected on Sept. 15.
Armstrong also cited seasonal patterns after Bitcoin’s halving as support for further gains. Based on past halving cycles, Bitcoin has often performed relatively well from October through December, suggesting the market could be entering a new phase of growth.
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul