Coinbase (COIN) CEO Brian Armstrong believes in bitcoin may have bottomed near $60,000.
“My instinct is that we’ve probably hit bottom at this point, maybe at the 60K number, but no one can say for sure,” Armstrong said in a video posted to X on Monday. He added that he remains long Bitcoin and expects prices to be significantly higher by 2030.
“I think Bitcoin is the new digital gold,” he said.
Bitcoin traded above $66,000 on Monday, up nearly 3% over 24 hours, after the United States and Iran reached a deal to reopen the Strait of Hormuz. The token touched a low near $59,743 on June 5, its lowest level since October 2024, before recovering.
Armstrong pointed to bitcoin’s four-year halving cycle, which has historically alternated between bull and bear markets at roughly regular intervals, as a framework for reading the current pullback. Bitcoin is now about 50% below its October 2025 all-time high, near $126,000.
The head of Coinbase also said last week that the decline in Bitcoin’s price was masking the broader health of the crypto market. “Derivatives, stablecoins, and prediction markets are all on the rise,” he wrote on X on June 5. “It will take some time for this to sink in.”
