Brian Armstrong, the CEO of cryptocurrency exchange Coinbase Global (COIN), says that Bitcoin (BTC) likely bottomed at $60,000 U.S.
In a video posted on social media, Armstrong said, “My instinct is we probably have bottomed at this point, maybe at the sixty K number, but nobody can say for sure.”
Armstrong also wrote on social media, “I’m as bullish as ever on Bitcoin, and still long (as always). It’s never as good or bad as it seems.”
He added, “I think Bitcoin is the new digital gold.”
Bitcoin is currently trading just above $66,500 U.S. and has been rising on news that the U.S. and Iran have reached a deal to reopen the Strait of Hormuz shipping route.
BTC hit a low for this year of $59,743 U.S. on June 5 but has been steadily recovering since then.
However, Bitcoin is still about 50% below its October 2025 all-time high of just over $126,000 U.S.
The Coinbase CEO said 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 social media. “It will take some time for this to sink in.”
Despite Armstrong's positive sentiment, market data shows that demand for Bitcoin remains weak and exchange-traded fund (ETF) flows have not yet stabilized.
Analysts note that a price floor and a long-term recovery in an asset are two different things and it might be sometime before Bitcoin retests a new all-time high.
