According to Michael Terpin, a renowned early bitcoin investor and author of Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich, the cryptocurrency has yet to reach its lowest point and is unlikely to achieve a new all-time high this year. Terpin, often referred to as the 'crypto Godfather' due to his early involvement in the industry, believes that before a bull market can commence, bitcoin's price must surpass $100,000, which he thinks will not happen until after it drops to $57,000, potentially by October. This prediction contradicts the views of many analysts who believe the February low marked the end of the bear market and the beginning of a new bull run.
Terpin's outlook is based on his analysis of the bitcoin cycle, which he thinks is typical at this stage, with lower highs being rejected until the final capitulation. While some analysts, such as Jason Fernandes, agree that the bottom has not yet been reached, they disagree with Terpin's timeline.
Fernandes believes that the market may not have fully capitulated yet and that broader macro conditions could continue to weigh on risk assets, including bitcoin. The debate surrounding bitcoin's future price movement continues, with some analysts predicting a new all-time high and others, like Terpin, forecasting further decline.