Coinbase CEO cites halving cycle, warns certainty impossible
Brian Armstrong, chief executive of Coinbase, said on June 15 that his “instinct” is bitcoin has probably bottomed near $60,000, while cautioning that no one can say for sure.
Armstrong posted a video on X stating the view. “My instinct is we probably have bottomed at this point, maybe at the sixty K number, but nobody can say for sure,” he said.
Bitcoin touched a low of $59,743 on June 5, marking its weakest level since October 2024. The price has since recovered, trading above $66,000 on Monday, a gain of nearly 3% over 24 hours, after the US and Iran reached a deal to reopen the Strait of Hormuz.
Armstrong pointed to bitcoin’s four-year halving cycle as a framework for understanding the current drawdown. Bitcoin is now roughly 50% below its October 2025 all-time high near $126,000.
On-chain analysis firm CryptoQuant noted that while bitcoin has entered a historical value zone near its realized price of about $53,600, demand conditions remain deeply negative and ETF flows have not yet stabilized. That assessment contrasts with Armstrong’s bullish framing.
Armstrong expressed confidence in bitcoin’s longer-term trajectory. “I’m as bullish as ever on Bitcoin, and still long (as always). It’s never as good or bad as it seems,” he said. He also stated: “I think bitcoin is the new digital gold.”
Armstrong noted that derivative markets, stablecoins, and prediction markets have all grown. “Derivatives, stablecoins, prediction markets are all up. It will take some time for this to sink in,” he said.
Armstrong expects bitcoin prices to be significantly higher by 2030.
