Coinbase CEO Brian Armstrong said his "instinct" is that bitcoin likely bottomed around $60,000, with the cryptocurrency rebounding to trade above $66,000 on Monday after touching a low near $59,743 earlier this month.

Market Context

Bitcoin has recovered roughly 10% from its June 5 intraday low of $59,743—the token's weakest level since October 2024—climbing back above the $66,000 mark. The rebound coincided with news that the US and Iran reached a deal to reopen the Strait of Hormuz, a critical shipping corridor for global oil markets.

Analysis

Armstrong pointed to bitcoin's four-year halving cycle as a framework for reading the current drawdown, noting that historical patterns suggest the market has likely found its floor despite no certainty. "I think bitcoin is the new digital gold," Armstrong said in a video posted on X. He added that he remains long bitcoin and expects prices to be significantly higher by 2030.

The Coinbase chief's bottom call comes with caveats from on-chain analysts. CryptoQuant noted last week that while bitcoin has entered a historical value zone near its realized price of approximately $53,600, demand conditions remain deeply negative and ETF flows have not yet stabilized. "A price floor and a confirmed recovery are two different things," the firm warned.

Armstrong argued last week that the drop in bitcoin's price was masking 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."

Key Numbers

- Bitcoin currently trades at $66,360 (up nearly 3% over 24 hours)

- June 5 low: $59,743 (weakest since October 2024)

- All-time high from October 2025: ~$126,000

- Current drawdown from ATH: roughly 50%

- Bitcoin's realized price ( CryptoQuant): approximately $53,600

What to Watch

Traders should monitor whether ETF inflows stabilize in the coming weeks—a key signal for institutional demand returning. The four-year cycle framework suggests post-halving weakness typically resolves within months, but macro catalysts remain essential before a clearer directional trend emerges. Armstrong's stated target of significantly higher prices by 2030 frames this as a long-term accumulation zone despite near-term uncertainty.