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, a well-known early investor in the cryptocurrency and author of Bitcoin Supercycle. Terpin believes that before a bull market can emerge, the price of bitcoin must break above $100,000, which he does not foresee happening anytime soon. Instead, he predicts that the price will drop to around $57,000 by October, marking the beginning of its ascent.
This outlook is at odds with the views of many analysts, who believe that the low point of the bear market was reached in February at around $60,000 and that a new bull run has begun. Terpin's bearish stance is based on his analysis of the bitcoin cycle, which he believes is typical at this stage, with lower highs being rejected until the final capitulation.
However, not all analysts agree with Terpin's timeline, with some arguing that the market may not have fully capitulated yet and that the bottom has not yet been seen. The debate highlights the uncertainty and unpredictability of the cryptocurrency market, with different experts offering varying opinions on the future direction of bitcoin's price.