Bitcoin Cycle Bottom Reached, Uptrend Expected Over Next Two Years: Armstrong
Coinbase CEO Brian Armstrong believes that the current Bitcoin cycle has reached its bottom and will see an uptrend over the next two years. In a recent interview with Bloomberg Television, he stated his market assessment that the price of Bitcoin is set to rise as it approaches its next halving.
The current price of Bitcoin is around $78,000, which is roughly 38% below its record high of about $126,000. Despite this, Armstrong sees a potential improvement in Bitcoin's trajectory within the next one to two years.
Glassnode data suggests that selling pressure has weakened, with the seven-day Sell-Side Risk Ratio running at 7 basis points a day, down from its peak of 16 basis points in August. This decrease is seen as evidence that selling intensity has eased as Bitcoin approaches the $83,000-to-$86,000 resistance zone.