Armstrong Sees $60,000 as Bitcoin's Bottom

Coinbase CEO Brian Armstrong is convinced that Bitcoin's price has hit bottom. He believes this based on the cryptocurrency's four-year halving cycle, which has historically led to a prolonged recovery and new all-time highs.

Armstrong pointed out that Bitcoin recovered from its recent low of approximately $59,743 to over $66,000 in just a few days, indicating some buyers think the price is attractive at those levels. This level is roughly 50% below its October 2025 record high of $126,000.

However, not everyone shares Armstrong's optimism. A poll on X conducted by him in mid-July showed that only 44% of respondents agreed with his view that the bottom was in, while 56% disagreed.

The results are supported by on-chain metrics, which show Bitcoin trading near its realized price of about $53,600. The spot Bitcoin ETFs launched in early 2024 have also seen choppy flows, oscillating between inflows and outflows without establishing a clear trend during the recent downturn.