Coinbase CEO: Did Bitcoin Bottom Out on July 1? Here's Why He's Optimistic About the Next Two Years

Coinbase CEO Brian Armstrong pinpointed an exact date and price as Bitcoin's cycle bottom, and the market has since moved in his favor. But his reasoning rests on shaky ground, and the key levels traders are watching could still prove…

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Coinbase CEO Brian Armstrong recently shared his thoughts on Bitcoin, saying he believes the cryptocurrency hit its lowest point on July 1, 2026, at $57,718. In an interview on CNBC’s Squawk Box Asia on September 10, he noted that previous Bitcoin downturns have typically lasted around 12 months, and since that timeframe is now behind us, he sees a potential target of $400,000 for Bitcoin by 2030.

Since Armstrong’s prediction, Bitcoin has moved in his favor, currently trading at $84,403—up 8.4% over the week and 46% higher than the July low. On September 21, Bitcoin even peaked at $87,397. However, Armstrong’s claim rests on a single intraday price point, and his argument lacks stronger support.

Armstrong Called the Bitcoin Bottom on One Intraday Print

The $57,718 price was the lowest recorded during the July 1 trading session, but Bitcoin closed that day at $59,961, which was higher than the previous closing price of $58,524 on June 30. This suggests that the market didn’t confirm a new low on a closing basis.