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 pioneering bitcoin investor and author of the book Bitcoin Supercycle. Terpin, often referred to as the 'Crypto Godfather', believes that for a bull market to be declared, the price of bitcoin must first break through the $100,000 barrier, which he does not foresee happening anytime soon. Instead, he predicts that the price will plummet to $57,000 by October, marking the beginning of its ascent. This outlook is in contrast to the views of many analysts who believe the bear market ended in February when the price hit a low of around $60,000.
Terpin's prediction is based on his analysis of the crypto calendar and historical trends in the bitcoin market. However, not all experts agree with his timeline, with some arguing that the market may not have fully capitulated yet.