Bitcoin may have finally hit a bottom at $60,000, according to Coinbase Global CEO Brian Armstrong and Ark Invest's Cathie Wood, who both suggest the cryptocurrency's most bearish phase is ending. Bitcoin is down nearly 50% from its all-time high of $126,000 last October, and it has now been approximately 10 months since that peak, aligning with its historical four-year boom-and-bust cycles. Armstrong first called a bottom in June, while Wood recently indicated Bitcoin has bottomed out, with both maintaining a long-term price target of $1 million or more by 2030. The article argues that Bitcoin at $65,000 is too cheap to ignore and that a holding period of at least five years is advisable given the asset's volatility and upside potential.
Coinbase Global IncCEO Armstrong's bullish bottom call and $1M price target boost sentiment for Coinbase as a crypto exchange.
Cathie Wood's bullish Bitcoin call supports ARK's investment thesis, though not a direct company event.