Coinbase CEO Says Bitcoin May Have Hit a Bottom, Eyes $400,000 Target
Coinbase CEO Brian Armstrong believes Bitcoin's price cycle may have bottomed out at around $80,000. He pointed to the cryptocurrency's recent rise from a July low of below $60,000 and noted that most down periods last about a year.
Armstrong also cited regulatory progress and technical factors as reasons for his long-term bullish outlook on Bitcoin. He mentioned the upcoming halving event, which could potentially boost the price ahead of it.
The Coinbase CEO stated that he thinks the next year or two will be good for Bitcoin and expressed confidence in its potential to reach $400,000 by 2030. Armstrong's comments came during an appearance on CNBC's Squawk Box Asia, where he discussed the Clarity Act and its implications for the crypto industry.