Armstrong’s survey shows the extent of uncertainty among traders, as the Bitcoin community does not offer a clear consensus on whether the bottom has been reached or not.
Coinbase CEO Brian Armstrong sparked debate about Bitcoin’s trend on July 14 after asking X users if the OG cryptocurrency had already hit market lows.
The poll quickly attracted thousands of votes and a wave of comments, with the community split almost evenly between supporters and opponents.
A poll splits the X cipher down the middle
It all started with a simple question to Armstrong Presumably On X earlier today: “Is the bottom there?” The president of Coinbase also clarified in a follow-up post that the survey was specifically related to Bitcoin.
“Perpetual futures trading, stablecoin payments, prediction markets, and tokenized real-world assets are growing,” he said.
At the time of writing, nearly 31,000 people have cast their votes, over 648,000 users have viewed
Responses were also split along the same poll, with one user, AI developer Ilan Rachmanov, completely agreeing with the tweet, “Opinion: The bottom is in.”
Meanwhile, ChainLeak founder Joshua Romesberg Argue That the survey has become a “market map” and Armstrong’s comments point to a sector where cryptocurrency adoption is expanding beyond Bitcoin itself.
Some of these Who disagreed that the bottom was in the market monitor Our Crypto Talk, which He said There was a “very high chance” that Bitcoin would go Back to the $50,000 to $55,000 range again before any real recovery occurs.
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Others, like cryptocurrency guru Rob Art, focused squarely on percentages, Saying At the past lows, Bitcoin was down 93%, 84%, and 77%, while it is now just under 50% below its all-time high in October 2025 and would need to be at around 65% to follow the pattern he indicated has been in effect since 2014.
On-chain data paints a more balanced picture
While opinions remain divided, the latest on-chain analysis points to a market that looks very different from the frenetic conditions seen during the 2025 bull run.
Report dated July 14 from XWIN Japan Highlight Four widely followed CryptoQuant indicators: MVRV ratio, net unrealized profit/loss (NUPL), realized price, and Puell multiplier.
According to the update, these metrics indicate that Bitcoin is no longer in a euphoric phase, with valuations declining and investor optimism fading without reaching complete capitulation. It also showed that market activity appears more consistent with consolidation and accumulation.
This assessment largely matches Bitcoin’s recent price behavior. Despite selling pressure linked to renewed conflict between Iran and the United States and previous concerns about Strategy’s Bitcoin salesCryptocurrency has struggled its way back Closes to $63,000, after finding itself near $61,000 on Monday.
Whether these rallies represent the beginning of a lasting recovery or just another pause within the broader bear market remains an open question, but for now, Armstrong’s survey shows that there is little consensus, even among the most engaged crypto participants.
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