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, an early investor in bitcoin and author of Bitcoin Supercycle. Terpin, often referred to as the 'Crypto Godfather' due to his early involvement in the industry, believes that before a bull market can commence, the price of bitcoin must break above $100,000, which he does not foresee happening soon. Despite a significant gain in April, Terpin asserts that the cryptocurrency is still in a downward trend. He predicts that the bottom of the market will be reached at $57,000, likely in October, a forecast that contrasts with the views of many analysts who believe the bear market ended in February with the price around $60,000.
Terpin's outlook is based on historical patterns in the bitcoin cycle, where the price often experiences lower highs before finally reaching its lowest point. While some analysts agree that the market has not yet fully capitulated, they disagree with Terpin's timeline, citing that broader macro conditions, including tight liquidity and high interest rates, could continue to exert downward pressure on bitcoin. The disagreement among experts reflects the complexity and unpredictability of the cryptocurrency market, with some predicting a potential new all-time high by the end of the year and others forecasting further decline.