CryptoSlate
Coinbase CEO Brian Armstrong said on September 10 that Bitcoin has bottomed in this cycle, framing a $400,000 price by 2030 as a "reasonable target" in interviews with Bloomberg and CNBC. Bitcoin traded around $77,000 at the time of his comments, roughly 39% below its October 2025 record of $126,198.
Armstrong's bottom call puts him ahead of his own market on one key technical marker. Bitcoin has yet to reclaim the $80,000 zone, and Galaxy Research placed its 50-week moving average at $81,473 on September 2. A decisive weekly close above that level would, per Galaxy's analysis, mark the clearest technical confirmation that Bitcoin's bear market has ended.
Why it matters
In four of Bitcoin's five completed bear markets, the first upside break of the 50-week moving average came after the cycle low had already been established. The lone exception was the 2021 correction between Bitcoin's two record highs. That pattern broadly supports Armstrong's sequencing: a bottom can print before the market produces confirmation that a new cycle has begun. His $400,000 target assumes a much larger cycle playing out, with Bitcoin needing to climb more than fivefold from current levels, while the programmed halving around 2028 tightens the rate of new supply entering circulation.
Market impact
August already supplied some evidence for the bullish case. Bitcoin climbed 25.4% during the month, from $62,899 to $78,852, with the week ended August 23 producing a 23.5% gain that Galaxy called Bitcoin's largest weekly increase in dollar terms on record. US spot Bitcoin ETFs absorbed $3.4 billion over the same period, the strongest monthly inflow since July 2025, with Galaxy attributing the rebound to renewed demand for the debasement trade, policy developments in Washington, short liquidations, and momentum buying. The next test sits at the weekly close around the 50-week average, and rejection would leave the market in the same recovery zone it has occupied since August, forcing investors to wait longer for confirmation that the next cycle has begun.
Frequently asked questions
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What did Coinbase CEO Brian Armstrong say about Bitcoin's bottom?
Armstrong said on September 10 that he believes Bitcoin has already bottomed in this cycle, framing the view as personal rather than as a Coinbase forecast.
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What is the $400,000 Bitcoin target based on?
Armstrong tied the $400,000 target to Bitcoin's historical four-year cycle and the next halving, expected around 2028, which will cut the block subsidy paid to miners.
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What is the 50-week moving average level Bitcoin needs to clear?
Galaxy Research placed Bitcoin's 50-week moving average at $81,473 on September 2 and said a weekly close above it would mark the clearest technical confirmation that the bear market has ended.
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How much did Bitcoin climb in August?
Bitcoin climbed 25.4% in August, from $62,899 to $78,852, with the week ended August 23 producing a 23.5% gain that Galaxy called the largest weekly increase in dollar terms on record.
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How much did spot Bitcoin ETFs attract in August?
US spot Bitcoin ETFs attracted $3.4 billion in August, the strongest monthly inflow since July 2025, per Galaxy Research.
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