Coinbase CEO Armstrong: Bitcoin May Have Bottomed Around $60,000

Brian Armstrong, CEO of leading cryptocurrency exchange Coinbase, has expressed his belief that Bitcoin (BTC) may have found a bottom around the $60,000 level after its recent declines. In a video posted on X on June 15 and during various interviews, Armstrong conveyed his personal 'gut instinct' on the matter, while also cautioning that no one can be entirely certain.

Armstrong highlighted Bitcoin's historical four-year halving cycles as a key factor in his assessment of price movements. He noted that these cycles have historically marked alternating bull and bear markets for Bitcoin. Reiterating his consistent 'long' position on Bitcoin, Armstrong stated he expects the price to be significantly higher than current levels by 2030, describing Bitcoin as 'the new digital gold.'

Prior to Armstrong's remarks, Bitcoin had fallen to approximately $59,743 around June 5, marking its lowest point since October 2024. However, it quickly rebounded, trading above $66,000 on June 15. This recovery reportedly coincided with a renewed appetite for risk assets following news of an agreement between the US and Iran, which included the reopening of the Strait of Hormuz.

The cryptocurrency remains roughly 50% below its all-time high of nearly $126,000 reached in October 2025. Armstrong also suggested that a significant interest in artificial intelligence (AI) stocks might be one of the reasons behind the recent price drop. He added that while derivatives, stablecoins, and prediction markets within the crypto ecosystem are showing strong growth, it might take time for this to be reflected in prices.

Despite Armstrong's optimism, analysts and market observers maintain some reservations. While expectations for Bitcoin to bottom out near $60,000 have increased, there is currently limited evidence of direct capital inflows. Furthermore, demand for spot Bitcoin exchange-traded funds (ETFs) reportedly remains weak, and flows have yet to stabilize. Some experts argue that 'time-based capitulation' may be more crucial than price-based capitulation, suggesting that the current downturn cycle might not yet be complete.