According to Michael Terpin, a well-known 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', believes that before a bull market can commence, the price of bitcoin must break above $100,000, which he does not foresee happening anytime soon. Instead, he predicts that the bottom will be reached at $57,000 by October.
This outlook contradicts the consensus among many analysts who think the bear market ended in February when the price was around $60,000. Terpin's bearish stance is based on his analysis of the bitcoin cycle, which he outlines in his book, Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich. He argues that the current double-digit gain in April is not a sign of a bull market, but rather a temporary fluctuation in a larger downward trend.
Terpin's views are not shared by all, with some analysts arguing that the market may not have fully capitulated yet and that the bottom may still be ahead. The debate surrounding the future of bitcoin highlights the ongoing uncertainty and volatility in the cryptocurrency market.