According to Michael Terpin, a renowned early bitcoin investor and author of Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich, the bottom of the bitcoin market has not been reached yet. Terpin, often referred to as the 'Crypto Godfather', believes that bitcoin needs to plummet to approximately $57,000 by October before it can start ascending.
This prediction is in contrast to the views of many market analysts who think the February low of around $60,000 marked the end of the bear market and the beginning of a new bull run. Terpin's bearish outlook is based on his analysis of the bitcoin cycle, where he expects lower highs to be rejected until the final capitulation. He also predicts that bitcoin will not reach a new all-time high this year, a view that is disputed by some analysts who point to growing institutional adoption and interest in the cryptocurrency.