Coinbase CEO Brian Armstrong believes Bitcoin likely formed a crucial Dip around $60,000 after the sharp correction in early June. While acknowledging that no one can pinpoint the exact market Dip , the CEO of the largest cryptocurrency exchange in the US said his intuition leans towards the scenario that Bitcoin has completed its short-term correction phase.
Armstrong's statement comes amidst significant volatility in the cryptocurrency market. Bitcoin had fallen to around $59,743 on June 5th, its lowest level in weeks, before quickly recovering above $66,000. This development significantly improved investor sentiment after a period of concern about profit-taking pressure and declining liquidation in the market.
According to Armstrong, Bitcoin's approximately four-year cycle remains one of the key bases for assessing the asset's long-term trend. Over the years, Bitcoin has typically experienced periods of strong growth following each halving event, followed by deep corrections before establishing new price peaks. While each cycle has its own characteristics, this pattern is closely monitored by many institutional investors and analysts.
The Coinbase CEO also affirmed his optimistic view on Bitcoin in the long term. Armstrong stated that he continues to hold BTC and believes the value of the world's largest cryptocurrency will be significantly higher by 2030 than it is currently. This assessment reflects the growing confidence of institutional investors in Bitcoin's Vai as a store of value in the digital economy.
