Coinbase CEO Sees Crypto Bull Market Imminent Amid Rising Sentiment
Coinbase CEO Brian Armstrong believes that cryptocurrency spot trading is close to its next bull market. He cited prior bear cycles, which lasted roughly 370 to 380 days, and noted that crypto has been in a bear market for about a year.
Armstrong pointed out that the current cycle is coming up against the 370-day mark, suggesting that it's time for the next bull run. He also mentioned two catalysts: the Senate vote on the CLARITY Act on September 15 and the traditionally strong months of October through December.
The news comes after a long stretch of thinning volumes and volatile prices. Spot turnover across 14 major exchanges dropped 21.7% in July, while derivatives cooled by 11.1%. However, sentiment has flipped since President Donald Trump suggested that a sizable government purchase of Bitcoin has been discussed.
Bitcoin has gained around 22% since the news broke and is trading near $78,700. Analyst Benjamin Cowen still puts a 'decent chance' of one final selloff if prior midterm years repeat.