Coinbase (COIN) CEO Brian Armstrong believes in bitcoin may have bottomed out near $60,000.
“My instinct is that we’ve probably bottomed out at this point, maybe in the 60K, but nobody can say for sure,” Armstrong said in a video posted on X Monday. He added that he remains long bitcoin and expects prices to be significantly higher in 2030.
“I think bitcoin is the new digital gold,” he said.
Bitcoin traded above $66,000 on Monday, up nearly 3% in 24 hours, after the US and Iran reached an agreement to reopen the Strait of Hormuz. The token hit a low near $59,743 on June 5, its weakest level since October 2024, before recovering.
Armstrong pointed to bitcoin’s four-year halving cycle, which has historically alternated between bull and bear markets at fairly regular intervals, as a framework for reading the current pullout. Bitcoin is now about 50% below its October 2025 all-time high near $126,000.
The Coinbase chief also said last week that the drop in bitcoin’s price masked broader health in the crypto market. “Derivatives, stablecoins, prediction markets are all up,” he wrote on X on June 5. “It will take some time for this to sink in.”
