CoinDesk
Coinbase CEO Brian Armstrong said his "instinct" is that bitcoin likely bottomed around $60,000, framing the call against the asset's four-year halving cycle while cautioning that no one can say for sure. The token has since rebounded above $66,000, up nearly 3% over 24 hours as the US and Iran moved to reopen the Strait of Hormuz, after touching a low near $59,743 on June 5 — its weakest level since October 2024.
Why it matters
Armstrong remains long bitcoin and expects prices "significantly higher by 2030," calling the asset "the new digital gold" in a Monday X video. The Coinbase chief also argued last week that the price drawdown is masking broader crypto health, noting that derivatives, stablecoins, and prediction markets are all expanding even as spot trades. His read is a CEO-level endorsement of the bottom thesis at a moment when BTC trades roughly 50% below its October 2025 all-time high near $126,000.
Market impact
On-chain analysts aren't convinced. CryptoQuant flagged last week that while bitcoin has entered a historical value zone near its realized price of about $53,600, demand conditions remain deeply negative and ETF flows have not yet stabilized. A price floor and a confirmed recovery are two different things, and traders will need cleaner macro catalysts — including the Hormuz reopening's follow-through — before direction is settled. Combined exchange volumes meanwhile fell 3.45% in May to $4.41 trillion, the lowest since September 2024, even as RWA perpetual futures volumes jumped 10.4% to a fresh all-time high.
Frequently asked questions
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What exactly did Brian Armstrong say about bitcoin's bottom?
In a Monday X video, Armstrong said his "instinct" is that bitcoin likely bottomed around $60,000, framing the call against the four-year halving cycle while cautioning that no one can say for sure. He added he remains long and expects prices significantly higher by 2030.
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Where is bitcoin trading now after Armstrong's comments?
Bitcoin traded above $66,000 on Monday, up nearly 3% over 24 hours, after the US and Iran reached a deal to reopen the Strait of Hormuz. The token touched a low near $59,743 on June 5, its weakest level since October 2024.
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How far below its all-time high is bitcoin right now?
Bitcoin is roughly 50% below its October 2025 all-time high near $126,000, even after the recent bounce above $66,000.
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Do on-chain analysts agree that bitcoin has bottomed?
Not fully. CryptoQuant noted last week that bitcoin has entered a historical value zone near its realized price of about $53,600, but demand conditions remain deeply negative and ETF flows have not yet stabilized — a price floor and a confirmed recovery are two different things.
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What does Armstrong say about the broader crypto market?
Armstrong wrote on X on June 5 that the drop in bitcoin's price was masking broader health in the crypto market, noting that derivatives, stablecoins, and prediction markets are all up. Combined exchange volumes fell 3.45% in May to $4.41 trillion, the lowest since September 2024, while RWA perpetual futures volumes…
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