Bitcoin Price Slides as Coinbase Boss Calls the Cycle Bottom

Key Takeaways

• Brian Armstrong says bitcoin’s price likely hit bottom, even after getting smacked 3.3% Thursday.
• Coinbase prediction markets are on a tear, growing about 100% quarter over quarter.
• Armstrong sees bitcoin’s price grinding higher over the next 1-2 years as the halving gets closer.

Bitcoin’s price has trended below the $77,000 range on Thursday, and it has lost 3.3% over the last day. The downtrend picked up when the U.S. Labor Department published the U.S. producer prices at 8:30 a.m., and PPI jumped to 5.4%, hotter than expectations. Alongside this, U.S. President Donald Trump has hinted at $5,000 stimulus checks for Americans if Republicans win the midterms in November. By 10:55 a.m., BTC’s price had climbed back above $77,000, but the path of least resistance still appears tilted to the downside.

Armstrong Says Bitcoin Has Already Found Its Bottom

Amid all this action, Armstrong sat down to do an interview with Haslinda Amin, and he believes bitcoin has already found its bottom. He expects bitcoin’s price to gradually move higher over the next year or two as the market works its way toward the next halving.

“I personally think we’ve seen the bottom of the bitcoin price in this cycle,” the Coinbase boss said during the show. “It’s going to start to trend up over the coming year or two as we reach the next halving event,” he added.