Coinbase CEO Sees $60K as Possible Bottom for Bitcoin

Coinbase Global Inc. CEO Brian Armstrong expressed optimism that Bitcoin may have already hit its bottom around $60,000.

'Maybe around $60,000, but nobody can say for sure,' he said in a video posted on X on June 15.

Armstrong's comments come as the market looks for a short-term floor in Bitcoin, with some analysts expecting it to retest $67,600 if it holds support at $64,000. If it fails, Bitcoin is expected to fall back to $60,000.

However, a more durable recovery would require improving ETF flows, a pickup in trading volume, and calmer macroeconomic conditions, according to CryptoQuant analysis.

Armstrong remains bullish on Bitcoin over the long term, calling it 'the new digital gold' and expecting its price to be far higher by 2030. He cited the four-year halving cycle as a measure for judging the current correction, noting that Bitcoin has historically alternated between bull and bear markets around its halving cycles.