As of now, bitcoin is trading at $76,315.95 and has not yet reached its lowest point, with a new record high unlikely this year, according to Michael Terpin, an early bitcoin investor and author of Bitcoin Supercycle. Terpin believes the price needs to break above $100,000 for a bull market to be declared, but notes that the bottom will be at $57,000 by October. His outlook differs from the consensus among analysts who think the February low marked the end of the bear market and the start of a new bull run.
Some analysts, like Jason Fernandes, agree that the bottom has not been seen but disagree with the timeline, stating that the market may not have fully capitulated yet. Terpin insists that the fundamentals point to a later-cycle bottom, around $57,000, which he predicts will happen in October. However, other analysts like Mati Greenspan think Terpin's take is overly bearish, citing institutional adoption and growing interest as reasons for a potential new all-time high this year.