CoinDesk
Coinbase CEO Brian Armstrong said his "instinct" is that bitcoin has probably found its floor around $60,000, while stressing that no one can be certain. Speaking in a video posted to X on Monday, Armstrong reaffirmed he remains long BTC and expects prices to be "significantly higher" by 2030, calling bitcoin "the new digital gold."
Why it matters
Armstrong's call carries weight not just because of his role at the largest US crypto exchange, but because it arrives at a structurally significant moment. Bitcoin touched $59,743 on June 5 — its weakest level since October 2024 and roughly 50% below its October 2025 all-time high near $126,000 — before rebounding above $66,000 on Monday, aided in part by a US-Iran deal to reopen the Strait of Hormuz. Armstrong also pointed to bitcoin's four-year halving cycle as a historical framework for reading the drawdown, and noted last week that derivatives, stablecoins, and prediction markets remain healthy beneath the headline price weakness.
Market impact
On-chain data complicates the bullish read. CryptoQuant noted that while BTC has entered a historical value zone near its realized price of roughly $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. Broader exchange volumes fell 3.45% in May to $4.41 trillion, the lowest since September 2024, though RWA perpetual futures volumes bucked the trend with a 10.4% rise to a new all-time high. Traders will need sustained macro catalysts and stabilizing ETF inflows before a durable directional move can be confirmed.
Frequently asked questions
-
Why does Armstrong think $60,000 was the BTC bottom?
Armstrong cited bitcoin's four-year halving cycle, which has historically alternated between bull and bear markets at regular intervals, as a framework suggesting the current drawdown near $59,743 may mark a cyclical low.
-
What does on-chain data say about a sustained BTC recovery from here?
CryptoQuant notes that while BTC is near its realized price of roughly $53,600 — a historical value zone — demand conditions remain deeply negative and ETF flows have not yet stabilized, meaning a price floor does not guarantee a sustained recovery.
-
How far is BTC below its all-time high, and what triggered the recent bounce?
Bitcoin is roughly 50% below its October 2025 all-time high near $126,000. The rebound above $66,000 on Monday was partly driven by a US-Iran deal to reopen the Strait of Hormuz, which eased broader macro risk sentiment.
WuBlockchain
WatcherGuru
Lookonchain
TheBlock
Benjamin Cowen
CryptoSlate
Glassnode