Armstrong Sees Bottom in Bitcoin Cycle, Eyes Gradual Recovery
Coinbase CEO Brian Armstrong believes the worst of Bitcoin's current cycle is behind it. Speaking on Bloomberg Insight, he stated that 'I personally think we've seen the bottom of the bitcoin price in this cycle.' This comes after a 3.3% decline in Bitcoin's price over the last day.
Armstrong also noted that other corners of the crypto industry have been growing quickly, despite Bitcoin's struggles. He pointed to Coinbase's prediction markets as an example, which have grown about 100% quarter over quarter.
Looking ahead, Armstrong expects Bitcoin's price to gradually move higher over the next year or two as the market works towards the next halving event. 'It's going to start to trend up over the coming year or two as we reach the next halving event,' he said.