Coinbase's Brian Armstrong confirms bitcoin may have bottomed at $60,000
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Coinbase (COIN) CEO Brian Armstrong believes bitcoin BTC $ 66,111.32 may have bottomed near $60,000.
Key facts
- Coinbase (COIN) CEO Brian Armstrong believes bitcoin BTC $ 66,111.32 may have bottomed near $60,000
- In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024
- 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
- Onchain analysis firm CryptoQuant noted 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
Summary
Coinbase chief executive Brian Armstrong said his “instinct” is that bitcoin likely bottomed around $60,000, while cautioning that no one can be certain. Armstrong, who called bitcoin “the new digital gold,” said he remains long the token and expects its price to be significantly higher by 2030 despite the recent drawdown. Bitcoin has rebounded to above $66,000 after dipping below $60,000, but on-chain analysts warn that weak demand and unstable ETF flows mean a price floor does not yet guarantee a sustained recovery. "My instinct is we probably have bottomed at this point, maybe at the sixty K number, but nobody can say for sure," Armstrong said in a video posted on X on Monday.