Key Takeaways
- Most respondents to Brian Armstrong’s poll believe Bitcoin has not yet reached its bottom.
- US-Iran tensions, rising oil prices, and leveraged liquidations are increasing pressure on Bitcoin.
- Losing $60,000 could expose Fidelity’s power-law support near $56,500, with some warning of a more extreme fall toward $29,000.
Bitcoin’s price has come under fresh pressure after Coinbase CEO Brian Armstrong asked whether the crypto had already established a bottom, with a majority of respondents expecting the decline to continue.
The poll arrived as Bitcoin slipped toward $62,000 amid renewed fighting between the US and Iran and concerns that another inflation shock could keep interest rates elevated.
Coinbase’s Brian Armstrong Asks Whether Bitcoin Has Bottomed
Armstrong launched an informal poll on X on Tuesday, asking his followers: “Is the bottom in?”
At the time of reporting, 55.8% of the 20,229 respondents had voted “No,” compared with 44.2% who answered “Yes.”
The Coinbase CEO later explained that he was specifically asking about Bitcoin, not the health of the wider crypto industry.
He added that several other parts of the digital asset market had continued to expand during Bitcoin’s prolonged downturn.
“Perpetual futures trading, stablecoin payments, prediction markets, and tokenized real world assets have just been growing,” Armstrong said.
While the poll does not reveal Armstrong’s or Coinbase’s price expectations, the early results show that many are unconvinced that Bitcoin has no further downside left.
Armstrong Maintains Long-Term Bitcoin Price Optimism
Despite the bearish response to his poll, Armstrong has continued to express confidence in Bitcoin’s longer-term prospects.
Speaking on Peter Diamandis’ podcast in June, the Coinbase CEO said his investment position had not changed during the latest downturn.
“I’m as bullish as ever on Bitcoin, and still long — as always,” Armstrong said.
Adding: “I think by 2030 we’re gonna have a much higher price.”
He argued that Bitcoin’s four-year cycles can appear more severe when investors focus on individual rallies and crashes rather than its performance over longer periods.
“It’s never as good or as bad as it seems,” he said.
Armstrong acknowledged that the four-year cycle can feel extreme, “but in reality, they’re not that extreme.”
It followed an earlier prediction from the Coinbase CEO that Bitcoin could reach seven figures by 2030.
“I think we’ll see $1M per bitcoin by 2030,” he wrote on X in 2025.
US-Iran Conflict Weighs on Bitcoin Price
Bitcoin again fell over the last twenty-four hours following another escalation between Washington and Tehran.
Investing.com reported that Bitcoin initially remained above $63,000 over the weekend, despite the latest military developments.
However, its price then weakened as traders began assessing how the conflict could affect energy markets and the wider economy.
Oil prices climbed after the escalation renewed fears that shipments through the Strait of Hormuz could be interrupted.
Any prolonged disruption could increase fuel and transport costs, making it more difficult for inflation to return to central-bank targets.
That possibility matters for Bitcoin because persistently high inflation could delay interest-rate cuts or encourage policymakers to keep borrowing costs restrictive.
CoinMarketCap said Bitcoin recently recorded an 86% correlation with the S&P 500, suggesting its price has been responding to many of the same geopolitical and economic developments affecting equities.
Selling was also intensified by the closure of leveraged bullish positions.
Around $58.02 million in Bitcoin long positions were liquidated over 24 hours, according to the platform.
Is Another Bitcoin Price Fall Imminent?
Bitcoin is now approaching a price range that could determine whether the current downturn extends toward or below $60,000.
CoinMarketCap identified an immediate Fibonacci support level of approximately $61,376.
Remaining above that area could give Bitcoin an opportunity to stabilize.
But a sustained move underneath it would leave the round-number support at $60,000 increasingly exposed.
Bitcoin is also below its seven-day moving average of around $63,239 and its 200-day moving average near $73,740.
That positioning indicates that both short- and longer-term momentum remain weak.
Fidelity Investments Global Macro Director Jurrien Timmer recently highlighted how close Bitcoin had moved to the lower boundary of the firm’s power-law model.
“At $60k it’s getting ever closer to its power law support line,” Timmer wrote.
In Fidelity’s latest chart, that support line was positioned at approximately $56,500, meaning Bitcoin could fall around 9% before reaching the level highlighted by the model.
Some traders also interpreted the lower portion of Fidelity’s chart as leaving open a much more severe scenario near $29,000.
A fall from $62,458 to $29,000 would amount to approximately 54%.
Although that would be a major decline, Bitcoin has previously lost between 70% and 85% from cycle peaks during its deepest bear markets.
Whether those levels are tested will likely depend on the Iran conflict, oil prices, US inflation data and demand for spot Bitcoin exchange-traded funds.
The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
