Armstrong’s X poll and Peter Brandt’s tentative chart pattern both pointed to uncertainty over a Bitcoin bottom, as on-chain data suggested consolidation while ETF flows and spot demand stayed mixed.
Coinbase CEO Brian Armstrong’s July 14 X poll on whether Bitcoin had already bottomed drew nearly 31,000 votes and more than 648,000 views, with 55.6% answering “No” and 44.4% saying the bottom was in. Armstrong said he was referring specifically to Bitcoin, while also noting growth in perpetual futures trading, stablecoin payments, prediction markets and tokenized real-world assets. The debate continued on July 16 when veteran trader Peter Brandt said Bitcoin may be forming an inverted head-and-shoulders bottom, but stressed the setup was “VERY VERY UNCONVENTIONAL” and that “We do NOT know yet.” Bitcoin had rebounded roughly 12% from below $58,000 and briefly moved above $65,400 before stalling near $64,000-$65,000, leaving the pattern unconfirmed. Views across the market remained divided. Some commentators said the bottom may already be in, while others argued Bitcoin could revisit $50,000 to $55,000 or even follow deeper historical drawdown patterns. On-chain analysis from XWIN Japan said Bitcoin no longer appeared euphoric and looked more consistent with consolidation and accumulation than capitulation, but a Bitfinex Alpha report said the rebound reflected softer US inflation-driven rate expectations more than durable Bitcoin-specific demand, citing limited spot absorption, a negative Coinbase premium and uneven US spot Bitcoin ETF flows.