Coinbase CEO Brian Armstrong stated that Bitcoin has reached the bottom in the current cycle and expects an upward trend over the next two years.
"Personally, I believe we have reached the bottom of the Bitcoin price in this cycle," Armstrong said in an interview with Bloomberg Television on Thursday. "In the next year or two, as we approach the next halving event, the price will start to rise."
At the beginning of Thursday, Bitcoin was trading at around $78,000, down 1.7% over the past 24 hours and approximately 38% below its record high of $126,000.
Armstrong's opinion came amid the asset's recovery from summer lows. In an analytical note published on Wednesday, Glassnode reported that the largest cryptocurrency by market capitalization had risen by 23% over 21 trading sessions as of September 9. The S&P 500 and Nasdaq 100 indices remained virtually unchanged during this period. The company also found that selling pressure had eased as the asset approached the upper resistance level in the range of $83,000 to $86,000. According to the note, the seven-day seller risk ratio was 7 basis points per day – less than half of the 16 basis points recorded at the peak in August.
Armstrong pointed to growth prospects not only from Bitcoin, noting that stablecoin payments on Coinbase had increased by 700% year-over-year. He also referred to forecasts suggesting that the stablecoin market will reach $3 trillion by 2030, highlighting payments, tokenization, prediction markets, and agency financing as four key areas of development for Coinbase by 2027.