According to Michael Terpin, a veteran bitcoin investor and author, the cryptocurrency's price has not yet reached its lowest point and is unlikely to achieve a new all-time high this year. Terpin, often referred to as the 'Crypto Godfather', believes that bitcoin needs to plummet to approximately $57,000 by October before it can start ascending.
This prediction contrasts with the views of some market analysts who think the bear market has ended and a bull run has begun. Terpin's bearish outlook is based on his analysis of the crypto calendar and the historical patterns of bitcoin's price cycles. He thinks that the price must break above $100,000 and show no support near that level to confirm a bull market. Despite a significant gain in April, Terpin believes bitcoin is still in a downward trend.
His prediction of a bottom at $57,000 in October is based on the average one-year period from the bottom of each cycle. However, not all analysts agree with Terpin's timeline, with some arguing that the market has not yet fully capitulated and that broader macro conditions could continue to affect risk assets like bitcoin.