Early bitcoin investor and author Michael Terpin believes the cryptocurrency 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', predicts that the price of bitcoin will need to fall to approximately $57,000, potentially in October, before it can begin to climb. This prediction is based on his analysis of the crypto calendar and the historical patterns of bitcoin's price movements. Despite a double-digit increase in April, Terpin asserts that the market is still in a downturn.
His views are not universally shared, with some analysts arguing that the February low marked the end of the bear market and the beginning of a new bull run. Market analyst Jason Fernandes agrees that the bottom has not yet been reached but disagrees with Terpin's timeline, suggesting that the market may not have fully capitulated.
Terpin's prediction of a bottom at $57,000 is based on the historical average of the one-year period from each cycle's bottom, which he believes will occur in October. However, other analysts, such as Mati Greenspan, disagree with Terpin's bearish outlook, citing the potential for institutional adoption and growing interest in bitcoin to drive the price to a new all-time high this year.