Coinbase CEO Brian Armstrong Says $60,000 Is the Bottom for Bitcoin. Where Does BTC Go From Here?
Yahoo Finance ·
In mid-June, Coinbase Global CEO Brian Armstrong predicted that Bitcoin ( BTC +1.27% ) may have hit a bottom at $60,000. While Bitcoin has only made a modest move upward since then, there's reason to think that Bitcoin might actually turn things around this year. In fact, at a current price of $64,000, Bitcoin still has an outside chance of hitting $100,000 within the next 12 months. According to Brian Armstrong , a key factor to keep in mind is the Bitcoin four-year cycle. Historically, Bitcoin has always been a boom-or-bust asset. Either it's the top-performing asset in the world, or it's the worst-performing. Three good years are typically followed by one very bad year. Over the long term, though, Bitcoin has always followed an upward trajectory. Importantly, after every major market crash, Bitcoin has always recovered to hit a new all-time high.
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Coinbase CEO Brian Armstrong suggests Bitcoin has established a floor at the $60,000 level and hints at a potential rally to $100,000 within the next 12 months. The four-year cycle theory and the historical pattern of reaching new highs after market crashes serve as the foundation for this bullish outlook. Investors should monitor the current $64,000 price level as a support zone for a long-term upward trend.
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- Bitcoin — Market sentiment identifying $60,000 as a floor is spreading, and the historical four-year cycle pattern suggests a move to $100,000 within 12 months, providing strong buying momentum.
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