Bitcoin Likely Bottomed at $60K on June 5, Armstrong Says, Though On-Chain Data Shows Weak Demand

Coinbase CEO Brian Armstrong believes Bitcoin likely bottomed near $60,000 on June 5, 2026, when BTC hit $59,743, its lowest level since October 2024. Armstrong framed the level as an instinctive read rather than a definitive forecast, noting that cycle bottoms are only confirmed in hindsight.

On-chain analytics firm CryptoQuant, however, flags caution: while Bitcoin has entered a historical value zone near its realized price of $53,600, demand conditions remain deeply negative and ETF flows have not stabilized. The distinction matters—a potential price floor differs from a confirmed recovery, which would require sustained macro catalysts and institutional buying pressure.