Coinbase CEO Brian Armstrong sparked a debate over Bitcoin’s direction on July 14 after asking X users if the OG cryptocurrency had already hit its market low.
The poll quickly attracted thousands of votes and a flurry of comments, with the community split almost evenly between yes and no votes.
Poll splits Crypto X down the middle
It all started with a simple question Armstrong asked on X earlier today: “Is the bottom there?” » The head of Coinbase also clarified in a follow-up article that the investigation was focused specifically on Bitcoin.
“Perpetual futures trading, stablecoin payments, prediction markets, and real-world tokenized assets are only growing,” he said.
At the time of writing, almost 31,000 people had voted and over 648,000 $BTC had already hit rock bottom.
Responses were also split along the same lines as the vote, with one user, AI developer Ilan Rachmanov, strongly agreeing, tweeting: “Opinion: Rock bottom has been reached.”
Meanwhile, ChainLeak founder Joshuwa Roomsberg argued that the survey had become a “map of the market” and that Armstrong’s comments indicated an industry where crypto adoption was expanding beyond. $BTC himself.
Some of them who disagreed that the bottom was included in market watcher Our Crypto Talk, who said there was a “very good chance” $BTC I would go returning to the $50,000 to $55,000 range once again before a real recovery occurs.
Others, like crypto educator Rob Art, focused directly on the percentages, saying that during past lows, the price of $BTC fell 93%, 84% and 77%, while at present it is just over 50% below its all-time high of October 2025 and would need to be around 65% to follow the pattern he pointed out has been in effect since 2014.
On-chain data paints a more balanced picture
Although opinions remain divided, recent on-chain analysis indicates a market that looks very different from the overheated conditions seen during the 2025 bull run.
A July 14 report from XWIN Japan highlighted four widely followed CryptoQuant indicators: MVRV ratio, net unrealized profit/loss (NUPL), realized price, and Puell multiple.
According to the update, these metrics suggest that Bitcoin is no longer in a euphoric phase, with cooling valuations and investor optimism fading without reaching outright capitalization. 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 from renewed conflict between Iran and the United States and earlier concerns over the strategy’s Bitcoin sales, the cryptocurrency rallied back to nearly $63,000, after ending up near $61,000 on Monday.
Whether these rebounds will mark the start of a lasting recovery or simply another pause within the broader bear market remains open, but for now, Armstrong’s poll shows there is little consensus even among the most engaged crypto participants.
