Coinbase Sees Neutral Bitcoin Outlook Amid Q3 Headwinds
Coinbase analysts have adopted a neutral Bitcoin and broader crypto market outlook for Q3 2026, citing a transition from a corrective phase to accumulation. The analysts led by Colin Basco note that despite a nearly 10% recovery since hitting a yearly low of $57.8K in H2 2026, Bitcoin has failed to reclaim the $68K or $70K level.
The Supply in Loss metric for $BTC is at 50%, matching previous market cycle bottoms, according to Coinbase analysts. They view this as an early sign of a bottoming process rather than a durable low already in place.
However, caution is still warranted due to macro headwinds, including Fed rate hike fears and renewed U.S.-Iran tensions. Colin Basco emphasized that 'patience is the trade' for now, as the macro and on-chain pictures tell two different stories.