Armstrong Calls Bitcoin's $60K Floor 'My Instinct'—Market's Bottom or Just a Feeling? 🪙

Coinbase CEO Brian Armstrong said his "instinct" is that bitcoin ($BTC) likely bottomed around $60,000, while cautioning that no one can be certain. Speaking in a video posted on X on Monday, Armstrong said the June 5 dip near $59,743 may have marked the floor, though he added, "My instinct is we probably have bottomed at this point, maybe at the sixty K number, but nobody can say for sure." He also reiterated that he is long bitcoin and expects the price to be "significantly higher" by 2030, calling $BTC "the new digital gold."

Bitcoin traded above $66,000 on Monday, up nearly 3% over 24 hours, recovering after the U.S. and Iran reached a deal to reopen the Strait of Hormuz. The token touched its weakest level since October 2024 on June 5 before rebounding. Armstrong pointed to bitcoin's four-year halving cycle, which has historically alternated between bull and bear markets at roughly regular intervals, as a framework for reading the current drawdown. Bitcoin remains roughly 50% below its October 2025 all-time high near $126,000, and at last check was changing hands around $66,481.23.

Armstrong also 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 X on June 5. "It will take some time for this to sink in." On-chain analysts have struck a more cautious tone. CryptoQuant noted last week that while bitcoin has entered a historical value zone near its realized price of about $53,600, demand conditions remain deeply negative and exchange-traded fund flows have not yet stabilized. A price floor and a confirmed recovery are two different things, and traders are watching for macro catalysts before a clearer direction is settled.