According to Michael Terpin, a veteran bitcoin investor and author of Bitcoin Supercycle, the cryptocurrency's price has not yet reached its lowest point. Terpin, often referred to as the 'Crypto Godfather,' believes that bitcoin needs to plummet to around $57,000 by October before it can begin to recover. This prediction is at odds with the views of many market analysts, who think that the February low of $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, which he thinks is typical at this stage.
He points out that the psychological barrier of $80,000 was strongly rejected during Asian trading hours on Monday, which he sees as a sign that the market has not yet fully capitulated. While some analysts, such as Jason Fernandes, agree with Terpin that the bottom has not yet been seen, they disagree with his timeline.
Fernandes thinks that the market may not have fully capitulated yet and that the bottom may not coincide with the historical average of the one-year period from each cycle's bottom. Terpin insists that the fundamentals point to a bottom of around $57,000, which he predicts will happen in October. He also thinks that bitcoin will not reach a new all-time high this year, a view that is disputed by other analysts, such as Mati Greenspan. Greenspan thinks that Terpin's take is overly bearish and that there is still room for bitcoin to run this year, given the level of institutional adoption and growing interest.