According to Michael Terpin, a prominent figure in the cryptocurrency space and author of Bitcoin Supercycle, the current bitcoin price of $76,998.28 has not yet reached its lowest point. Terpin believes a new all-time high for bitcoin is unlikely in 2026.
He anticipates the price will drop to $57,000 by October before beginning its ascent. Terpin, often referred to as the 'Crypto Godfather' due to his early involvement in the industry, thinks a bull market for bitcoin can only be confirmed if the price breaks above $100,000, which he does not see happening soon.
Despite a significant gain in April, Terpin maintains that the bitcoin market is still in a downward trend. His views are in contrast to the majority of analysts who believe the bear market ended in February when the price hit a low of around $60,000.
Many analysts point to increased investment in U.S.-listed spot ETFs and bitcoin's resilience during the Iran conflict and oil price spike as indicators of a new bull run. However, Terpin argues that the rejection of the $80,000 psychological barrier during Asian trading hours is typical of the current stage of the bitcoin cycle, where lower highs are repeatedly rejected until the final capitulation. Market analyst Jason Fernandes agrees with Terpin that the bottom has not been reached but disagrees with the timeline, suggesting that the market may not have fully capitulated.
Fernandes notes that historically, lasting bottoms coincide with the exhaustion of speculative leverage and macro uncertainty, which has not occurred yet. Terpin insists that the fundamentals suggest a bottom around $57,000, which he predicts will happen in October, similar to the timeline last year when bitcoin first fell below $100,000. Fernandes warns that broader macro conditions, including tight liquidity and a higher-for-longer rate environment, could continue to negatively impact risk assets like bitcoin.
The 'Crypto Godfather' also believes that bitcoin will not achieve a new all-time high this year, a view disputed by crypto market analyst Mati Greenspan, who thinks the prediction is overly bearish and that there is still room for significant growth in 2026. Greenspan points to increasing institutional adoption and growing interest in cryptocurrency as factors that could drive the price to a new all-time high.
Fernandes adds that market sentiment has not yet reached the extreme pessimism typically associated with cycle lows, suggesting that another downturn may be necessary before a sustainable base is formed. He views the $100,000 level as more of a psychological signal than a strict technical threshold, noting that a true bull market is defined by structural higher highs and strong capital inflows.