Coinbase CEO Says Bitcoin’s $60K Floor Is In, Repeats $1M Target

He framed the drawdown as a typical part of Bitcoin’s historical cycle. Armstrong posted a chart alongside his remarks mapping Bitcoin’s four-year boom-and-bust pattern from 2011 through 2025, pointing to the percentage of holders in profit as a signal. “We can kinda see the percentage of people who have made money versus not, and I know my instinct is the current situation is never as good or as bad as it seems,” he said .

Armstrong made it clear his conviction hasn’t wavered. “I think Bitcoin is the new digital gold. I think it’s gonna be a key part of our economy going forward into the future. So, I am as bullish as ever,” he said. He also confirmed he is a long-term holder who remains “long Bitcoin, just like always” .

The $1 million target holds—but with ‘high error bars’

Armstrong did not back away from his headline-grabbing long-term forecast. He repeated his view that Bitcoin will be “much higher” by 2030, a position he has been making since at least August 2025 when he told the Cheeky Pint podcast, “The rough idea I have in my head is we’ll see a million-dollar Bitcoin by 2030, and there’s high error bars around these things” .

His thesis rests on several converging drivers: emerging regulatory clarity in the United States acting as a “bellwether for the rest of the G20,” the creation of a U.S. strategic Bitcoin reserve, growing institutional ETF adoption, and Bitcoin’s role as digital gold—a comparable that he argues represents a $20 trillion market opportunity .

Not everyone is convinced the timeline is realistic, and Armstrong himself acknowledges the uncertainty. But the core message delivered on Sunday was that the long-term case remains intact even if the short-term chart is ugly.

Why Bitcoin rallied: a U.S.-Iran peace deal

The timing of the comments coincided with a concrete catalyst that helped improve crypto market sentiment. Over the weekend, reports surfaced that the United States and Iran had reached a peace agreement, confirmed by Iranian Deputy Foreign Minister Kazem Gharibabadi. The finalized Memorandum of Understanding was released with a signing planned for June 19 in Switzerland .

The news pulled the geopolitical risk premium out of global markets. Bitcoin, which had dipped to around $63,600 over the weekend, climbed 2.4% to $65,793 as the risk-on trade returned. Crude oil prices fell sharply in tandem, underscoring the broader macro relief .

This pattern is not unprecedented. Bitcoin has repeatedly shown sensitivity to Middle East tensions and their resolution throughout 2025 and early 2026. A similarly sharp rally occurred in June 2025 when an Israel-Iran ceasefire drove Bitcoin back toward $108,000 after a tense sell-off .

The depth of the drawdown

Armstrong’s bottom-call carries extra weight because of how far Bitcoin has fallen. The cryptocurrency hit an all-time high of approximately $126,000–$126,273 on October 6, 2025 . By mid-June 2026, it was trading in a range between roughly $60,000 and $66,000—a decline of approximately 48–50% from the peak .

The total cryptocurrency market capitalization has also been hammered, falling about 48% from its 2025 high to roughly $2.46 trillion . During the broader June 2026 sell-off, single-day liquidations reached approximately $1.8 billion as leveraged positions were wiped out .

Traders are now watching the next potential landmine: an upcoming Bank of Japan rate decision that could either validate or test the nascent crypto recovery .

What we don’t know yet

Several pieces of the full picture remain unconfirmed. Specific data on the June 4–6 cycle low and liquidation cascade, contrarian views from early Bitcoin investor Michael Terpin, the Fear & Greed Index reading for Monday, and technical levels such as Bitcoin’s position relative to its 50-month and 200-week moving averages could not be independently verified within the available search results. The same applies to granular data on BlackRock’s iShares Bitcoin Trust dark pool activity and CPI inflation figures for the period.