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 predicts that the price needs to fall to around $57,000 in October before it can begin to rise. He believes a bull market for bitcoin cannot be confirmed until the price breaks above $100,000, which he does not foresee happening soon.
Despite a significant gain in April, Terpin asserts that the market is still in a downturn. His views contrast with the consensus among many analysts who believe the low point in February marked the end of the bear market and the beginning of a new bull run. While some analysts agree that the bottom has not yet been reached, they disagree on the timing and the factors that will influence the market's direction.