Coinbase CEO Says Bitcoin May Have Bottomed at $60,000

Bitcoin investors are watching for the end of the latest market correction and the catalyst for another sustained rally. Coinbase Chief Executive Brian Armstrong says clearer US rules could accelerate institutional participation and bring digital assets further into mainstream finance. The division of oversight between the Securities and Exchange Commission and the Commodity Futures Trading Commission remains central to that transition, as the industry seeks predictable standards for trading, custody and token classification.

Armstrong recently said Bitcoin’s corrective cycle was nearing an end and forecast that the cryptocurrency could reach $400,000 by 2030. He also expressed confidence that the US Digital Asset Market Clarity Act could advance through the Senate, while praising efforts by the SEC and CFTC to establish a clearer regulatory framework. Passage of the legislation, he argued, could strengthen investor confidence and help ignite the next crypto bull market.

On-chain data platform Glassnode assesses Bitcoin market cycles using investors’ cost bases and unrealized profits and losses. Its “median holder breakeven level” marks the cost threshold dividing investors in half. A move below that level typically signals mounting market pressure and may indicate that Bitcoin is gradually entering a historically low valuation range.

Glassnode co-founder Rafael most recently said Bitcoin had fallen below the median holder breakeven level. Based on historical cycles and on-chain valuations, he estimated that the market is likely to bottom between $46,000 and $54,000 in the current cycle. He also said drawdowns from the peak have been gradually shrinking with each cycle, while stressing that the projected bottom is not a definitive price target.

Bitcoin’s market bottom is often estimated using declines, cycle duration and cost ranges from previous bull and bear markets, making $57,000 a potential support benchmark. Historical averages can help investors assess downside risk, but they do not guarantee prices and remain subject to capital flows, macroeconomic conditions and market sentiment.

A recent report cited an analyst as saying historical averages suggest Bitcoin could bottom near $57,000 in the current cycle. The available information does not identify the analyst or their firm, specify the period covered by the model or give the report’s publication date. The level can therefore only be treated as a cycle benchmark for now, rather than a confirmed market bottom.