# Coinbase CEO says Bitcoin may have bottomed near $60,000

**Published:** 2026-07-21T18:06:07.933Z  
**Topic:** Coinbase  
**Sentiment:** neutral  
**Publisher:** TrendWatcher — https://www.trendwatcher.in/article/9d3187a3-d3ea-4a90-bbc5-c6ed49b75297

Bitcoin hovered around $60,000, a potential floor cited by Coinbase’s Brian Armstrong, while Morningstar warns Coinbase could turn unprofitable if crypto

Bitcoin rebounded to $66,254, up nearly 3% in 24 hours, after dipping to $59,743 on June 5 – the lowest level since October 2024 – and Coinbase CEO Brian Armstrong said his “instinct” is that the market has likely found a floor around $60,000【1】. The move matters because a sustained floor could lift Coinbase’s revenue outlook, which Morningstar says hinges on a broader crypto price recovery【2】.

| At a glance | |
|---|---|
| Price | $66,254 |
| 24‑h change | +2.9 % |
| Key level | $60,000 (potential bottom) |
| Catalyst | Bitcoin’s bounce after a dip to $59,743, coinciding with a US‑Iran Strait of Hormuz deal【1】 |

## What drove the bounce
The price lift followed a geopolitical development that eased tension in the Strait of Hormuz, prompting a 2‑3 % rally in Bitcoin on June 15. Armstrong linked the price action to Bitcoin’s four‑year halving cycle, noting that past cycles have alternated between bull and bear phases and that the current level sits roughly 50 % below the October 2025 all‑time high of $126,000【1】. On‑chain data from CryptoQuant shows Bitcoin trading near its realized price of about $53,600, but still in a “deeply negative” demand environment with volatile ETF flows, suggesting the floor may not yet translate into a durable recovery【1】.

## Coinbase’s outlook
Armstrong reiterated his long position in Bitcoin and expressed confidence that the token will be “significantly higher by 2030,” but cautioned that “nobody can say for sure” about the bottom【1】. Morningstar’s latest analysis warns that without a broader crypto price rebound, Coinbase could become unprofitable in 2026, prompting a reduction in its fair‑value estimate【2】. The firm’s concern underscores the link between Bitcoin’s price stability and Coinbase’s earnings trajectory.

## What to watch
- Bitcoin price holding above $60,000 for a sustained period.  
- ETF flow stability and on‑chain demand metrics, especially realized price versus market price.  
- Any regulatory or geopolitical events that could shift market sentiment, such as further developments in the Strait of Hormuz.

The key question remains whether the $60,000 level will prove a durable floor or merely a temporary trough. A confirmed bounce could buoy Coinbase’s revenue outlook, while continued weakness would reinforce Morningstar’s profitability concerns.

## Sources
1. CoinDesk — [Coinbase's Brian Armstrong says bitcoin may have bottomed at $60,000](https://www.coindesk.com/markets/2026/06/15/coinbase-s-brian-armstrong-says-bitcoin-may-have-bottomed-at-usd60-000)
2. Morningstar — [Coinbase: Reducing Fair Value Estimate as Cryptocurrency Prices Collapse](https://www.morningstar.com/stocks/coinbase-reducing-fair-value-estimate-cryptocurrency-prices-collapse)

---
Cite as: TrendWatcher, "Coinbase CEO says Bitcoin may have bottomed near $60,000", https://www.trendwatcher.in/article/9d3187a3-d3ea-4a90-bbc5-c6ed49b75297