The current bitcoin price of $76,323.58 has not yet reached its lowest point, and it is unlikely that the cryptocurrency will achieve a new all-time high this year, according to Michael Terpin, an early bitcoin investor and author of Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich. Terpin, often referred to as the 'crypto Godfather' due to his involvement in the industry since 2013, believes that before a bull market can be declared, the price of bitcoin must break back above $100,000, which he does not see happening anytime soon. Despite a double-digit gain in April, Terpin insists that the market is still in a downward trend for bitcoin. His bearish outlook contrasts with the views of many analysts who believe that the low of $60,000 in February marked the end of the bear market and the beginning of a new bull run.
Terpin predicts that the bottom will be reached at $57,000 by October, a forecast that not all analysts agree with, citing that the market may not have fully capitulated yet and that broader macro conditions could continue to impact risk assets like bitcoin.