Coinbase CEO Armstrong Sees Bitcoin Bottom at $60,000 Amid Global Relief Rally

Coinbase CEO Brian Armstrong has made a bold claim about the market's bottom, stating that he believes Bitcoin has likely reached its lowest point at around $60,000. This assessment comes as the global economy is experiencing a wave of geopolitical and macroeconomic relief, with the US and Iran nearing a peace agreement. The development has sparked a rally in Bitcoin, which has risen over 11% from its June lows to reach near $66,500.

Armstrong's thesis relies on the mathematical consistency of Bitcoin's halving cycles, which he believes will ultimately drive the price higher. He notes that short-term cyclical drawdowns can trigger intense psychological panic, but that long-term structural realities remain unchanged. By mapping historical data, Armstrong has found that the recent correction phase matches the standard accumulation boundaries that have preceded massive trend reversals in the past.

Armstrong also reaffirmed his belief that Bitcoin serves as a non-sovereign wealth store and digital gold, uncorrelated with traditional assets. He predicted that Bitcoin's aggregate spot valuation will trade at 'much higher' levels by 2030, making the current price point an attractive entry point for investors.

However, some analysts are urging caution, pointing to unresolved temporal risks and central banking concerns. Quantitative analyst Benjamin Cowen noted that historical crypto bear cycles typically play out over a 50-to-60-week window, and warned that the market structure remains vulnerable to a secondary lower low later in the autumn.

Cowen also highlighted the potential for an interest rate hike by the Bank of Japan (BOJ), which could trigger an unwinding of global yen-funded carry trades and expose high-beta risk architectures to liquidity drains. This scenario would put Bitcoin's newly established floor at $60,000 under pressure.