Coinbase CEO says bitcoin may have bottomed near $60,000

Coinbase CEO Brian Armstrong said bitcoin may have bottomed near $60,000, expressing confidence that the current price level represents a floor for the current cycle. In a video posted on X on Monday, Armstrong stated, "My instinct is we probably have bottomed at this point, maybe at the sixty K number, but nobody can say for sure." He also noted that he remains long bitcoin and expects prices to be significantly higher by 2030. Bitcoin traded above $66,000 on Monday, up nearly 3% over 24 hours, following news that the US and Iran reached a deal to reopen the Strait of Hormuz. The token had touched a low near $59,743 on June 5, its weakest level since earlier this year.

Armstrong's comments come at a time when bitcoin has been consolidating after a sharp decline from its all-time highs. The $60,000 level has historically acted as both support and resistance, and a confirmed bottom could signal a shift in market sentiment. For cryptocurrency traders, the CEO's bullish stance may reinforce confidence in the asset's long-term trajectory, especially given Coinbase's role as a major exchange and industry bellwether. Traders can monitor real-time bitcoin prices on NowPrice to track any breakout or further consolidation.

Looking ahead, market participants will watch for further confirmation of a bottom, including sustained buying volume and a break above key resistance levels. The reopening of the Strait of Hormuz could reduce geopolitical tensions, potentially boosting risk appetite across markets. Additionally, upcoming macroeconomic data and Federal Reserve policy decisions will remain critical drivers for bitcoin and other digital assets in the near term.