According to Michael Terpin, a renowned early bitcoin investor and author of Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich, the current bitcoin price of $75,885.88 has not yet reached its lowest point, and a new all-time high is unlikely to occur this year. Terpin, often referred to as the 'crypto Godfather' due to his involvement in the industry since 2013, believes that before a bull market can be declared, the price must surpass $100,000, which he thinks will not happen anytime soon. He predicts that the bottom will be reached at around $57,000 in October, marking the beginning of an ascent.
This prediction contrasts with the views of many analysts who believe the February low of around $60,000 marked the end of the bear market and the start of a new bull run. Terpin's forecast is based on his analysis of the bitcoin cycle, which he thinks is typical at this stage, with lower highs being rejected until the final capitulation. While some analysts agree that the bottom has not yet been seen, they disagree with Terpin's timeline, arguing that the market may not have fully capitulated yet.
Terpin insists that the fundamentals point towards a bottom that includes the historical average of the one-year period from each cycle's bottom, which indicates a price of around $57,000. He also believes that bitcoin will not see an all-time high this year, a view that is disputed by other market analysts who think there is still room for growth given the level of institutional adoption and growing interest.