Coinbase Exec Says Bitcoin's Downturn Is Part of Its Adoption—But That Won't Lift Price, Analysts Warn

Bitcoin’s long-term adoption story remains firmly intact, according to Coinbase’s Chief Policy Officer Faryar Shirzad.Yet, technical analysis points to further lackluster price action ahead.Why Bitcoin Remains the ‘Best-Performing Asset’Speaking in an interview with Fox Business on Aug. 10, Coinbase Chief Policy Officer Faryar Shirzad acknowledged that crypto markets are facing global macroeconomic headwinds.He characterized the weakness as another stage in the industry’s recurring adoption cycle."Bitcoin still remains the best performing asset ever," Shirzad pointed out, putting emphasis on what he described as extraordinary adoption in the U.S. and globally.Shirzad said he does not know when the crypto market will recover but noted that previous downturns have ultimately established the foundation for subsequent expansions."This is the third downturn I’ve been a part of," he stated. "Each of those downturns ends up being the floor for the next upturn."Shirzad also addressed the delayed CLARITY Act after the Senate left Washington without voting on the crypto market structure legislation.He remains optimistic that lawmakers can reach a bipartisan agreement.Past Laurels Don’t Matter Now, Analysts SayTechnical analysts remain less upbeat about Bitcoin’s short-term prospects.In an Aug. 10 podcast, More Crypto Online flagged near-term technical risks for Bitcoin, arguing that the broader bear market remains intact and further upside would likely be a countertrend rally rather than a new bull trend.Key support sits at $59,300 to $62,500. Holding this zone could fuel a move toward $69,000 to $72,000, with $70,000 the ideal target.However, a break below $62,900 would raise the odds of retesting the broader support zone.Losing $59,300 could invalidate the near-term bullish setup and open the door to roughly $55,000.Under the analyst’s Elliott Wave framework, even a rally toward $70,000 would warrant caution as the broader trend remains bearish.Image: Shutterstock