TheBlock
Coinbase CEO Brian Armstrong said Bitcoin has bottomed for the current cycle and expects the asset to trend higher over the next one to two years into the next halving. "I personally think we've seen the bottom of the bitcoin price in this cycle," Armstrong told Bloomberg Television on Thursday. Bitcoin traded near $78,000 at the time, down about 1.7% over 24 hours and roughly 38% below its record high near $126,000.
Why it matters
Armstrong's call is the most prominent bullish thesis from a publicly listed US exchange CEO since the August sell-off, framing the recovery as a 1-2 year structural uptrend rather than a tactical bounce. Glassnode's separate Wednesday research note backs the read with on-chain data: Bitcoin gained 23% over 21 sessions through September 9 while the S&P 500 and Nasdaq 100 were broadly flat. Selling pressure has eased too, with the seven-day Sell-Side Risk Ratio dropping to 7 basis points per day from 16 at the August peak.
Market impact
Glassnode flagged an overhead resistance band between $83,000 and $86,000 as the next level to watch. Beyond price, Armstrong pointed to stablecoin payments on Coinbase's Base network jumping 700% year over year and referenced projections for the broader stablecoin market to reach $3 trillion by 2030. Payments, tokenization, prediction markets, and agentic finance are the four areas he flagged as Coinbase's focus through 2027, framing the bull case as broader than Bitcoin alone.
Frequently asked questions
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What did Coinbase CEO Brian Armstrong say about Bitcoin's price?
Armstrong told Bloomberg Television he believes Bitcoin has bottomed for the current cycle and expects an uptrend over the next one to two years leading into the next halving event.
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Where is Bitcoin trading relative to its all-time high?
Bitcoin traded near $78,000 on Thursday, down about 1.7% over 24 hours and roughly 38% below its record high near $126,000.
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What on-chain data supports the Bitcoin bottom thesis?
Glassnode said Bitcoin gained 23% over 21 sessions through September 9 while the S&P 500 and Nasdaq 100 were flat. The 7-day Sell-Side Risk Ratio fell to 7 basis points from 16 at the August peak.
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What did Armstrong say about Coinbase beyond Bitcoin?
He cited a 700% year-over-year jump in stablecoin payments on Coinbase's Base network, referenced projections for the stablecoin market to reach $3 trillion by 2030, and flagged payments, tokenization, prediction markets, and agentic finance as focus areas through 2027.
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What resistance level are analysts watching next?
Glassnode identified an overhead resistance band between $83,000 and $86,000, the level Bitcoin needs to clear to confirm a structural break above the August price action.
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