Coinbase CEO Brian Armstrong Says Bitcoin May Have Found Its Bottom Near $60K

Coinbase (NASDAQ: COIN) CEO Brian Armstrong believes Bitcoin (BTC) may have already established a market bottom around the $60,000 level, despite ongoing uncertainty in the broader crypto market.

Speaking in a video shared on X on Monday, Armstrong said his personal view is that Bitcoin likely reached its low point near $60,000, although he acknowledged that no one can predict market movements with certainty. He added that he remains bullish on Bitcoin for the long term and expects the cryptocurrency to trade significantly higher by 2030.

Armstrong reiterated his belief that Bitcoin has evolved into “digital gold,” reinforcing its role as a long-term store of value in the global financial system.

Bitcoin traded above $66,000 on Monday, gaining nearly 3% over the previous 24 hours after reports emerged that the United States and Iran had reached an agreement to reopen the Strait of Hormuz. The leading cryptocurrency previously fell to approximately $59,743 on June 5, marking its lowest level since October 2024 before staging a recovery.

The Coinbase chief pointed to Bitcoin’s historical four-year halving cycle as a key indicator for understanding current market conditions. According to Armstrong, Bitcoin’s recurring pattern of bull and bear markets has often followed the halving schedule. Despite the recent rebound, Bitcoin remains roughly 50% below its all-time high of nearly $126,000 reached in October 2025.

Armstrong also argued that Bitcoin’s price decline has overshadowed positive developments across the wider cryptocurrency sector. In a post on X earlier this month, he noted that activity in crypto derivatives, stablecoins, and prediction markets continues to grow, suggesting that the industry remains fundamentally healthy despite short-term price weakness.

However, market data presents a more cautious outlook. On-chain analytics firm CryptoQuant recently reported that Bitcoin has entered a historically attractive valuation zone near its realized price of around $53,600. At the same time, the firm noted that demand remains weak and Bitcoin ETF inflows have yet to fully recover.

While Bitcoin’s recent price action may indicate the formation of a potential floor, analysts caution that a confirmed market recovery will depend on improving demand trends, stronger institutional inflows, and broader macroeconomic developments.