Coinbase CEO: Bitcoin May Have Bottomed Around $60,000

BlockBeats News, June 15th, Coinbase CEO Brian Armstrong said he "intuitively feels" that Bitcoin (BTC) may have completed a phase of consolidation around $60,000, but emphasized that the market still faces uncertainty.

In a video posted on social media, Armstrong stated that Bitcoin may have formed a local bottom around $60,000 and mentioned that historically, the four-year halving cycles have typically corresponded to market bottom ranges. He said, "I remain bullish on Bitcoin in the long term and believe that the future price will be significantly higher." He referred to Bitcoin as "digital gold" and suggested that the price could be much higher by 2030.

In this round of the market, Bitcoin briefly dropped to around $59,700 on June 5th, then rose above $66,000 driven by macroeconomic positives such as the preliminary peace agreement between the US and Iran and the reopening of the Strait of Hormuz, with a nearly 3% increase in 24 hours.

Armstrong's view is consistent with the analysis of some on-chain analytics firms. CryptoQuant previously pointed out that Bitcoin has entered a historical price range close to its realized price (around $53,600), but ETF fund flows have not yet stabilized completely, and demand-side recovery will take more time.

Analysts generally believe that although the price may be approaching a bottom area, "bottoming out" and "trend reversal" are still two different stages that require further confirmation from macro and fund flow data.