Bitcoin Sees Hopeful Signs After Armstrong Predicts Bottom at $60K

Coinbase CEO Brian Armstrong has predicted that Bitcoin's bottom is at $60,000. So far, the cryptocurrency has only made a modest move upward since then, but there are reasons to believe it may turn things around this year.

According to Armstrong, a key factor to keep in mind is the four-year cycle of Bitcoin. Historically, the asset has been either the top-performing or worst-performing asset in the world. Three good years are typically followed by one very bad year. However, after every major market crash, Bitcoin has always recovered to hit a new all-time high.

As Coinbase pointed out, multiple factors could push Bitcoin higher over the next 12 months, including increased regulatory clarity and steady buying by institutional investors. In fact, at a current price of $64,000, Bitcoin still has an outside chance of hitting $100,000 within the next 12 months.