Bitcoin Price Action Leaves Market Wondering if Bottom Has Been Hit

Bitcoin's recent price action has left many wondering if it has finally hit rock bottom. The cryptocurrency traded near $64,000 in late July, roughly 50% below its October 2025 all-time high of around $126,000. While some experts believe the low is in, others are less convinced.

Coinbase's CEO Brian Armstrong said in June that Bitcoin had hit its low point near $60,000, while Bitwise's CIO Matt Hougan expressed a similar view in early July. Both run businesses that see order flow and institutional appetite directly, which makes their read worth weighing.

One reason for optimism is the fact that buyers showed up at the low. The late-June drop to $57,700 was bought, not extended, and every subsequent dip has found support in the low $60,000s. Flows have also started turning, with spot Bitcoin ETFs running a three-week inflow streak in July worth roughly $560 million.

However, there are still several reasons to be cautious. The year's flow picture is still negative, despite July's improvement, and US spot Bitcoin ETFs carry roughly $4.8 billion in net outflows for 2026. Rate risk has not disappeared, with hike odds having touched 36% earlier in the week.

Standard Chartered still sees a target of $100,000 by year-end, but this may be overly optimistic given the current state of affairs. The regulatory catalyst, the CLARITY Act, also stalled in the Senate ahead of the August recess, removing a tailwind traders had already priced in.