Coinbase CEO: Bitcoin may be kicking off its next bull cycle as price rallies above $72K Coinbase CEO Brian Armstrong told CNBC on Aug. 20 that Bitcoin “is likely at the starting point of the next bull market,” pointing to the coin’s market-cycle position, the length of the prior downturn, an upcoming Senate vote on crypto legislation, and Bitcoin’s historically strong year‑end performance as reasons for optimism. Price action and recent drivers - Bitcoin was trading near $72,660 on Aug. 20 after a roughly 6.2% gain in the session and an intraday high around $72,868. Earlier in the week it climbed from below $65,000. - The move followed a dramatic short squeeze and other catalysts: CoinGlass data showed more than $1 billion in bearish positions liquidated in one hour during the breakout after price pierced resistance in the $65K–$67K range. - U.S. spot Bitcoin ETFs also helped fuel demand. SoSoValue recorded $517 million in net inflows on Aug. 19 — the largest one‑day intake for the funds since May and far outpacing July’s roughly $172 million total. Farside Investors’ data show that these ETFs posted several consecutive positive sessions in early August, including a $137.6 million inflow on Aug. 6 that contributed to roughly $763.6 million over four sessions. Technical picture - Bitcoin reclaimed the $69K–$70K zone that had acted as resistance. Analysts cited a nearby resistance level around $72,500, with a daily close below $69,000 seen as a potential invalidation of the breakout. Macro and cyclical context - Armstrong also flagged the scheduled Senate procedural vote on the Digital Asset Market Clarity Act as “what’s most important next,” with Majority Leader John Thune filing a motion on Aug. 8. The cloture vote is expected on Sep. 15 after senators return to Washington; a successful cloture vote would clear the path for formal Senate consideration but not final passage. - Seasonality is another factor traders watch: October through December have historically been strong months for Bitcoin (hence the nickname “Uptober”), though past performance is no guarantee. Notably, Bitcoin’s October streak was broken in 2025 amid macro pressure and heavy derivatives positioning. - Armstrong’s cycle view also follows Bitcoin’s April 2024 halving, which cut miner rewards from 6.25 BTC to 3.125 BTC — an event that has preceded past rallies, albeit under differing market conditions. Legislative backdrop: Digital Asset Market Clarity Act - The House passed H.R. 3633 in July 2025 by a 294–134 vote. The Senate Banking Committee advanced its version in May 2026 by a 15–9 vote, with two Democrats joining in support. - Reaching the Senate floor requires 60 votes; Republicans hold 53 seats, so the bill will need Democratic or independent backing. If the Senate passes a version that differs from the House bill, lawmakers will have to reconcile the texts before it can reach the president. - Reuters has highlighted several unresolved issues in negotiations, including political-ethics constraints, stablecoin rules, AML requirements, DeFi treatment, and tokenized securities. The draft divides regulatory responsibilities between the SEC and the CFTC and would treat digital-commodity exchanges, brokers and dealers as financial institutions under the Bank Secrecy Act — subjecting them to KYC, due diligence and AML obligations. - The bill would also create exemptions allowing certain crypto firms to raise up to $50 million per year (and $200 million total) without full SEC registration, and it would set tests to determine whether a DeFi platform is sufficiently decentralized to avoid intermediary-like rules. Price targets and Coinbase’s results - In a separate Aug. 20 interview on Fox Business, Armstrong said Bitcoin could reach $300,000–$400,000 by 2030 — a projection that implies a more-than-fourfold move from prices near $72,660. - Coinbase’s stock (COIN) rose alongside crypto markets, trading around $171.34 on Aug. 20 (up roughly 7%) and hitting an intraday high near $174.75, valuing the exchange at about $45.2 billion. - The company reported a $359 million net loss in Q2. Bitcoin accounted for 12% of Coinbase’s revenue — down sharply from the majority share it once held — while subscription and services revenue climbed to $555 million, compared with about $6 million per quarter in 2020. Bottom line Armstrong’s bullish read combines cycle analysis, regulatory clarity hopes, ETF demand and post‑halving dynamics. Short-term price momentum has been strong, but catalysts such as the Sep. 15 procedural vote and how lawmakers resolve outstanding policy disputes will likely influence whether this rally matures into a sustained bull market. Read more AI-generated news on: undefined/news