Key Facts

• Coinbase CEO Brian Armstrong stated that his "instinct" is that Bitcoin likely bottomed around $60,000, but cautioned that no one can be certain, pointing to the four-year cycle that has historically marked lows.
• Armstrong described Bitcoin as "the new digital gold" and expressed his continued bullishness on the token, expecting its price to be significantly higher by 2030.
• Bitcoin's price had dropped to a low near $59,743 on June 5, its weakest level since October 2024, before recovering to above $66,000 on Monday, up nearly 3% over 24 hours.
• Armstrong noted that the drop in Bitcoin's price was masking broader health in the crypto market, citing that derivatives, stablecoins, and prediction markets are all up.
• On-chain analysis firm CryptoQuant noted that while Bitcoin has entered a historical value zone near its realized price of about $53,600, demand conditions remain deeply negative and ETF flows have not yet stabilized.