Coinbase (COIN) CEO Brian Armstrong believes bitcoin might have bottomed close to $60,000.
“My intuition is we in all probability have bottomed at this level, perhaps on the sixty Ok quantity, however no one can say for positive,” Armstrong stated in a video posted on X on Monday. He added that he stays lengthy bitcoin and expects costs to be considerably increased by 2030.
“I believe bitcoin is the brand new digital gold,” he stated.
Bitcoin traded above $66,000 on Monday, up practically 3% over 24 hours, after the US and Iran reached a deal to reopen the Strait of Hormuz. The token touched a low close to $59,743 on June 5, its weakest stage since October 2024, earlier than recovering.
Armstrong pointed to bitcoin’s four-year halving cycle, which has traditionally alternated between bull and bear markets at roughly common intervals, as a framework for studying the present drawdown. Bitcoin is now roughly 50% under its October 2025 all-time excessive close to $126,000.
The Coinbase chief additionally stated final week that the drop in bitcoin’s value was masking broader well being within the crypto market. “Derivatives, stablecoins, prediction markets are all up,” he wrote on X on June 5. “It is going to take a while for this to sink in.”