According to Michael Terpin, a prominent early bitcoin investor and author, the cryptocurrency has not yet reached its lowest point and is unlikely to achieve a new all-time high this year. Terpin, often referred to as the 'Crypto Godfather' due to his involvement in the industry since 2013, believes that before a bull market can commence, the price of bitcoin must surpass $100,000, a level that has not been reached yet. He predicts that the bottom will be around $57,000, which he expects to occur in October.
This forecast is based on his analysis of the crypto calendar and the historical patterns of bitcoin's price cycles. However, not all analysts agree with Terpin's bearish outlook, with some arguing that the market has not yet fully capitulated and that a new all-time high is still possible this year.