Coinbase (COIN) CEO Brian Armstrong said he believes bitcoin (BTC) has bottomed for the current cycle and expects it to trend higher over the next one to two years leading into the foremost cryptocurrency's next halving.
“I personally think we've seen the bottom of the bitcoin price in this cycle,” Armstrong said in a Bloomberg Television interview on Thursday. “It's going to start to trend up over the coming year or two as we reach the next halving event.”
Bitcoin traded for around $78,000 early Thursday, down 1.7% over 24 hours and about 38% below its record high of approximately $126,000, The Block's BTC price page shows.
Bitcoin price. Image: The Block.
Armstrong’s view comes as the asset has rebounded from its summer lows. In a research note published Wednesday, Glassnode said the largest cryptocurrency by market cap gained 23% over 21 sessions through Sept. 9. The S&P 500 and Nasdaq 100 were broadly flat over the period.
