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Coinbase CEO Brian Armstrong said his “gut” suggests bitcoin may have bottomed near $60,000, while stressing that no one can be certain. Armstrong pointed to bitcoin’s four-year halving cycle as a reference framework and said he remains bullish, expecting higher prices by 2030. At the same time, CryptoQuant warned that although bitcoin has entered a historically valuable zone, demand conditions remain deeply negative and exchange-traded fund (ETF) flows have not stabilized.
Armstrong’s view is anchored in the four-year halving cycle, which has historically coincided with alternating bull and bear markets at regular intervals. He noted that bitcoin has fallen about 50% from its all-time high in October 2025, when it reached $126,000.
He also cited the recent selloff and rebound: bitcoin hit a low of $59,743 on June 5, its lowest level since October 2024. After that, BTC recovered and traded back above $67,000 on Monday, with part of the move attributed to an agreement between the United States and Iran to reopen the Strait of Hormuz.
Armstrong’s optimism is tempered by on-chain analysis from CryptoQuant. The firm said bitcoin entered a historically valuable zone near its realized price of approximately $53,600, but that demand conditions remain deeply negative. CryptoQuant also said ETF flows have not stabilized, indicating the market has not yet consolidated into a clear direction.
CryptoQuant emphasized that a price bottom and a confirmed recovery are separate developments that do not necessarily occur at the same time.
