Coinbase CEO Brian Armstrong is confident that Bitcoin has already hit its bottom in the current cycle, despite the cryptocurrency trading below previous highs. In interviews with Bloomberg and CNBC, Armstrong expressed his belief that Bitcoin will continue to trend higher over the next one to two years as the market approaches its next halving event, setting a target of $400,000 by 2030.
At the time of Armstrong’s statement, Bitcoin was trading around $77,000, significantly below its peak of $126,198 in October 2025. Despite this, Armstrong remains optimistic about a turnaround in the market before Bitcoin reaches its previous high or a key technical level that has historically signaled the end of bear markets.
One crucial hurdle for Bitcoin to overcome is the $80,000 mark, where the cryptocurrency has faced resistance in the past. The 50-week moving average, currently at $81,473 according to Galaxy Research, is seen as a significant indicator of Bitcoin’s market health. A weekly close above this level would strengthen the argument that Bitcoin’s bear market has come to an end.
Historically, Bitcoin has seen a reversal in its bear market after surpassing the 50-week moving average. Armstrong’s prediction aligns with this pattern, suggesting that a bottom can be established before clear confirmation of a new cycle.
In August, Bitcoin experienced a 25.4% increase, with a notable surge during the week ending August 23. This rally was attributed to various factors, including renewed interest in the debasement trade, policy developments, short liquidations, and momentum buying. The cryptocurrency’s attractiveness as a relatively cheap asset compared to others also played a role in the rally.
Armstrong’s long-term forecast of $400,000 for Bitcoin is based on the historical four-year cycle and the upcoming halving event in 2028. This event is expected to reduce the block subsidy paid to miners, tightening the supply of new Bitcoin entering the market.
While Armstrong’s outlook is optimistic, Bitcoin still faces resistance in the short term, particularly in the low-$80,000 range. A successful break above this level, accompanied by sustained spot demand, would validate Armstrong’s bottom call and mark the beginning of a new cycle. Investors are eagerly watching for signs of a sustained recovery in the cryptocurrency market.