Armstrong Expects Bullish Trend for Bitcoin Ahead of Next Halving

Brian Armstrong, CEO of Coinbase, believes that Bitcoin has bottomed out in its current cycle. He expects a bullish trend over the next one to two years as the cryptocurrency approaches its next halving event.

'Personally, I believe we already saw the bottom of bitcoin's price in this cycle,' Armstrong said during an interview with Bloomberg Television.

The price of Bitcoin has rebounded from its summer lows, reaching $78,000 on Thursday, down 1.7% and approximately 38% below its all-time high of $126,000.

A report by Glassnode noted that selling pressure dropped significantly as Bitcoin approached a resistance zone between $83,000 and $86,000.