Bitcoin Bottom? Coinbase CEO Armstrong Turns Bullish Ahead of BOJ Decision

Bitcoin's price may have reached its bottom according to Coinbase CEO Brian Armstrong. He expressed optimism about the future of Bitcoin, stating that he is 'long on Bitcoin' and expects a 'much higher' price by 2030.

Armstrong's comments come ahead of a crucial decision by the Bank of Japan (BOJ) to raise its standard interest rate to 1% from 0.75%. This move could impact the yen-funded carry trade, leading to forced liquidations and deleveraging across markets, including crypto.

However, not everyone shares Armstrong's confidence. Analyst Benjamin Cowen suggests that 'time-based capitulation' is a more important indicator of market trends than price itself. He notes that previous bear markets have typically lasted around 50-60 weeks, with the current downturn being approximately week 35.