The price of bitcoin has not yet reached its lowest point and is unlikely to achieve a new all-time high this year, according to Michael Terpin, an early investor in the cryptocurrency and author of Bitcoin Supercycle. Terpin, often referred to as the 'Crypto Godfather', believes that before a bull market can commence, the price of bitcoin must break above $100,000, but notes that no such support has been observed. He predicts that the bottom of the market will be reached at $57,000 by October, despite the cryptocurrency having gained double digits in April.
Terpin's bearish outlook contrasts with the views of many analysts, who think that the low of $60,000 in February marked the end of the bear market and the beginning of a new bull run. Analysts such as Jason Fernandes agree that the bottom has not been reached, but disagree on the timeline, citing the need for the market to fully capitulate before a sustainable base can be formed.
Terpin insists that the fundamentals point towards a bottom at $57,000, which is the historical average of the one-year period from each cycle's bottom. However, other analysts such as Mati Greenspan disagree, stating that Terpin's take seems overly bearish and that a new all-time high is still plausible given the level of institutional adoption and growing interest in bitcoin.