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 prominent figure in the crypto space and author of 'Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich'. Terpin, often referred to as the 'Crypto Godfather', suggests that the price needs to plummet to approximately $57,000 by October before it can begin to ascend.
This prediction contradicts the views of some market analysts who believe the bear market ended in February when the price hit a low of around $60,000, marking the beginning of a new bull run. Terpin's bearish outlook is based on his analysis of the crypto calendar and historical trends, which indicate that the price will continue to experience lower highs until it reaches the final capitulation point.
While some analysts, like Jason Fernandes, agree that the bottom has not yet been reached, they disagree with Terpin's timeline, arguing that the market may not have fully capitulated. Terpin remains adamant that the fundamentals point to a bottom that aligns with the historical average of the one-year period from each cycle's bottom, which would be around $57,000. He also predicts that bitcoin will not see an all-time high this year, a view that is disputed by other analysts, such as Mati Greenspan, who believes that the current outlook is overly bearish and that there is still room for growth this year.