Armstrong said his view is that Bitcoin may have already formed a bottom, pointing to the asset’s historical four-year cycle that has often coincided with major market lows.

Coinbase (COIN) CEO Brian Armstrong suggested that Bitcoin (BTC) could have found a floor near the $60,000 range.

“My instinct is that we’ve probably bottomed here, maybe around $60K, but no one can know for sure,” Armstrong said in a video posted on X on Monday. He added that he remains long Bitcoin and expects significantly higher prices by 2030.

He also reiterated his belief that Bitcoin represents “the new digital gold.”

Bitcoin traded above $66,000 on Monday, up nearly 3% in the past 24 hours, following news that the U.S. and Iran reached an agreement to reopen the Strait of Hormuz. Earlier in June, BTC had dropped to around $59,743 on June 5, its lowest level since October 2024, before recovering.

Armstrong referenced Bitcoin’s four-year halving cycle, which has historically defined alternating bull and bear phases, as a framework for assessing the current correction. Bitcoin remains roughly 50% below its October 2025 peak near $126,000.

The Coinbase chief also argued last week that the recent price decline is masking broader strength in the crypto market. “Derivatives, stablecoins, prediction markets are all up,” he posted on X on June 5. “It will take time for that to show through.”

However, the call for a potential bottom comes with important caveats.

On-chain analytics firm CryptoQuant noted that while Bitcoin has entered a historical value zone near its realized price of around $53,600, demand conditions remain weak and ETF inflows have yet to stabilize. A price floor and a confirmed trend reversal, however, are not the same, leaving traders still reliant on macro catalysts for clearer direction.