According to Michael Terpin, a prominent early bitcoin investor and author, the cryptocurrency has yet to reach its lowest point and a new record high is unlikely in 2026. Terpin, often referred to as the 'Crypto Godfather,' believes that before a bull market can be declared, the price of bitcoin must surpass $100,000, which he does not foresee happening anytime soon. He predicts that the price will first need to plummet to around $57,000, likely by October, before it can start to climb again. This forecast contradicts the views of many analysts who think the bear market ended in February when the price hit a low of around $60,000.
Terpin's pessimistic outlook is partly shared by market analyst Jason Fernandes, who agrees that the bottom has not yet been reached but disagrees with the timeline. Fernandes thinks the market may not have fully capitulated, which is a phase where long-term holders sell in large numbers, signaling a peak in selling pressure. Terpin, however, insists that historical averages suggest a bottom around $57,000, which would be consistent with the pattern seen in previous cycles. Another analyst, Mati Greenspan, disagrees with Terpin's bearish stance, believing that bitcoin still has the potential to reach a new all-time high this year due to growing institutional adoption and interest.
The debate among analysts reflects the uncertainty and volatility that have come to characterize the cryptocurrency market.