Bitcoin Hits Four-Year Low Before Recovering to $64,000

Bitcoin's recent price drop has sparked debate about whether it has reached its bottom. Coinbase CEO Brian Armstrong believes that $60,000 is likely the bottom for Bitcoin, citing the cryptocurrency's well-known four-year halving cycle.

According to Armstrong, Bitcoin's recent decline was relatively mild compared to past bear markets, with prices sitting around 50% below their all-time high of $126,000 set in October 2025. However, on-chain data tells a more cautious story, with the realized price of Bitcoin currently at $53,600, which is the average cost basis across all Bitcoin in circulation.

Armstrong's poll on X, which garnered over 20,000 respondents, showed that only 44% believed the bottom was in, while 56% disagreed. This mixed sentiment reflects the uncertainty still present in the market, with macro risks such as interest rate changes and geopolitical tensions remaining factors that could pressure Bitcoin lower.

The next key level to watch will be whether Bitcoin holds above its realized price of $53,600 through the summer. If it does, Armstrong's bottom call gains more credibility, but if it breaks below, prices may fall further.