Armstrong stated in June that Bitcoin had likely found a bottom near $60,000. BTC has stayed above that zone, but the rebound has gained little ground. Bitcoin traded near $64,665 on July 19, with an intraday range between $63,900 and $64,883.
The Coinbase chief later asked users whether the bottom was in. About 56% voted no, while 44% voted yes. The result shows traders still question whether the June low can hold.
Earlier cycles show that Bitcoin can recover after deep declines, although the timing and size of each rebound vary. The current crossover also leaves room for more volatility before a lasting price recovery develops.
Bitcoin could trade sideways, or retest support before the short-term holder cost basis turns higher. A move below $60,000 would weaken Armstrong’s call and raise fresh questions about the cycle low.