Coinbase CEO: BTC price may have reached bottom at $60K

Brian Armstrong, the CEO of Coinbase, says that Bitcoin has likely reached its bottom around $60.000, He reports this based on his intuition and the historical four-year cycle of the largest cryptocurrency. Armstrong remains optimistic about the long term and expects Bitcoin to be significantly higher by 2030 than it is today.

Bitcoin is available on OKX and Bybit.

Armstrong points to the four-year cycle

According to CoinDesk, Armstrong indicates that his instinct tells him that the Bitcoin price has formed a bottom around $60K. He does add that no one can say this with certainty. As substantiation, he refers to the well-known four-year Bitcoin cycle, a pattern in which bull markets and bear markets alternate and each cycle produces new price records.

The chart circulating with his statements shows how Bitcoin has historically set increasingly higher highs and lows. In the most recent correction, the Bitcoin price dropped to around $59.7K on June 5, after which a recovery followed towards above $66K. At the time of writing, Bitcoin trades at $66.5K, an increase of 3.5% in the past 24 hours. Earlier this week, the price hit a bottom around $61.500 and bounced back, which seems to support Armstrong’s view.

Long on Bitcoin, eye on 2030

Armstrong states that he is still long on Bitcoin, as he says he always has been. He expects prices to be significantly higher by 2030 than they are today. His message is sober: it is never as good or as bad as it seems at first glance.

Armstrong’s statements align with a broader sentiment of cautious optimism in the market. Analysts such as Michaël van de Poppe previously said that the Bitcoin price may be approaching a bottom. Also notable: long-term holders of Bitcoin are currently selling less than ever, which points to confidence in further price increases over the long term. Whether the absolute bottom is already behind us remains uncertain, but Armstrong and other market experts increasingly seem to assume that the worst is over.