Armstrong Sees $60k as Potential Bottom for Bitcoin

Coinbase CEO Brian Armstrong believes that Bitcoin may have found its floor at around $60,000. In an interview on X, Armstrong stated that his 'instinct' is that the current price of Bitcoin has likely bottomed out. He pointed to the four-year halving cycle as a framework for understanding the current market conditions.

Armstrong also mentioned that he remains long on Bitcoin and expects its price to be significantly higher by 2030. When asked about his prediction, Armstrong said 'nobody can say for sure' and emphasized that it's just his 'instinct'. He also stated that he thinks Bitcoin is the new digital gold.

The current price of Bitcoin has been steadily increasing, with a nearly 3% gain over the past 24 hours. However, onchain analysis firm CryptoQuant noted that demand conditions remain deeply negative and ETF flows have not yet stabilized.