Coinbase CEO Sticks by $400K Bitcoin Target Despite Current Challenges

Coinbase CEO Brian Armstrong believes that Bitcoin could reach $400,000 by 2030, but several challenges need to be overcome. Armstrong pointed out that the cryptocurrency currently trades at around $76,930 and would need to gain roughly 420% to hit his target.

The CEO also noted that Bitcoin follows four-year market cycles, with periods of decline typically lasting about a year. He thinks that the latest downturn has now reached its mark and that the cycle bottom is likely already in place.

Armstrong pointed to two potential catalysts for Bitcoin's growth: the CLARITY Act Senate vote on September 15 and the next halving, expected in roughly 18-19 months. Analyst Jesse Myers also expects the period before the next halving to become increasingly bullish, with investors potentially front-running the event.

However, the bullish projections face a major obstacle: current demand has not fully confirmed the recovery thesis. Spot market 90-day cumulative volume delta remains neutral, and institutional demand has weakened, with U.S. spot Bitcoin ETFs recording net outflows of $166.9 million in the current week.