Bitcoin is currently trading close to $64,000 after briefly dipping to $59,743 on June 5, 2026. This was the lowest price since October 2024 and marked a notable pullback from recent highs.
Coinbase CEO makes bold bottom call
On June 15, Coinbase CEO Brian Armstrong announced that he believes Bitcoin’s cyclical low is set at $60,000. Armstrong’s view relies on the four-year Bitcoin halving pattern, a recurring event that has historically influenced Bitcoin price cycles.
In his assessment, the June drop represents a moderate correction when compared with previous downturns. Bitcoin’s decline to $59,743 amounts to a 50% fall from its $126,000 peak in October 2025, while the 2022 bear market erased about 75% of the asset’s value.
Armstrong suggests the correction is consistent with past cycles, noting that market lows have often formed 12 to 18 months after all-time highs, usually leading to new price records as the market recovers.
After hitting its June low, Bitcoin rebounded swiftly to more than $66,000 within several days, a move that analysts interpret as evidence of buying interest at these lower levels.
Armstrong is a co-founder and the chief executive of Coinbase, one of the world’s largest cryptocurrency exchanges. Since its launch in 2012, Coinbase has been influential in bringing digital assets to mainstream investors and plays a significant role in the ecosystem through trading volumes and custody solutions.
Mini dictionary: Halving cycle, a built-in event in the Bitcoin network where the reward for mining new blocks is cut by 50%, happening approximately every four years. This event historically reduces the supply of new Bitcoin and is considered a key aspect in influencing long-term price movements.
| Cycle | Peak Price | Lowest Price | Correction (%) |
|---|---|---|---|
| 2022 Bear Market | $68,000 | $17,000 | 75% |
| 2025 Peak | $126,000 | $59,743 | 50% |
On-chain metrics and macro context
Recent blockchain data places Bitcoin’s realized price at around $53,600, serving as an important support level. The realized price reflects the average acquisition cost of all Bitcoin in circulation, offering insight into where long-term holders may be positioned.
Armstrong’s view is not the only perspective in the market. Institutions anticipated that the introduction of Bitcoin spot exchange-traded funds (ETFs) in 2024 would drive significant inflows, but results have been mixed. Capital movement in these ETFs has fluctuated, indicating alternating phases of buying and selling without a clear trend.
Even amid severe downturns in 2018, 2022, and the latest correction, Bitcoin has delivered an average compound annual growth rate of 33% between August 2017 and June 2026.
If Bitcoin remains above the realized price level of $53,600 in the upcoming months, Armstrong’s prediction of a market bottom may gain further support. A fall below this threshold, however, could prompt closer scrutiny of Bitcoin’s next support zones.
Community sentiment remains divided
In an effort to gauge prevailing market views, Armstrong launched a sentiment poll on X (formerly Twitter) in mid-July. Out of more than 20,000 respondents, 56% disagreed with his claim that the bottom is in place. Only 44% aligned with his outlook, highlighting continuing uncertainty within the community.
Ongoing macroeconomic factors, such as changes in monetary policy and potential geopolitical tensions, remain sources of risk that could impact Bitcoin’s near-term trajectory.
Currently, Bitcoin trades around $64,594, reflecting ongoing volatility and debate about where the market is headed next.
