Bitcoin has yet to reach its lowest point and is unlikely to achieve a new record high this year, according to Michael Terpin, an early bitcoin investor and author. Terpin, often referred to as the 'Crypto Godfather,' believes the price needs to fall to approximately $57,000 by October before it can begin to rise. This prediction is based on his analysis of the crypto calendar and the historical patterns of bitcoin's price movements.
Despite some analysts' optimism about the market, Terpin's view is that the current double-digit gain in April does not signal the start of a bull market for bitcoin. For a bull market to be confirmed, the price must break above $100,000, which Terpin does not see happening soon.
His outlook contrasts with the consensus among many analysts who believe the low point in February marked the end of the bear market and the beginning of a new bull run. Terpin's prediction of a further decline is shared by some, including market analyst Jason Fernandes, who agrees that the bottom has not been reached but disagrees on the timeline.
Fernandes suggests that the market may not have fully capitulated yet, a phase characterized by long-term holders selling in large numbers, which would signal a peak in selling pressure. The disagreement among experts reflects the complexity and unpredictability of the cryptocurrency market, with various factors influencing its performance, including macroeconomic conditions and investor sentiment.