The price of bitcoin has not yet reached its lowest point and is unlikely to achieve a new record high this year, according to Michael Terpin, an early investor in the cryptocurrency and author of Bitcoin Supercycle. Terpin believes that for a bull market to begin, the price of bitcoin must first break above $100,000, but he thinks the bottom will be reached at $57,000 by October.
Despite a double-digit gain in April, Terpin thinks the market is still in a downturn. His views are in contrast to those of other analysts, who think the low of $60,000 in February marked the end of the bear market and the start of a new bull run. Market analyst Jason Fernandes agrees with Terpin that the bottom has not yet been reached but disagrees with the timeline, thinking that the market may not have fully given up yet. Terpin insists that the fundamentals point to a bottom that includes the historical average of the one-year period from each cycle's bottom, which would be around $57,000.
Fernandes notes that broader macro conditions could continue to affect risk assets, including bitcoin, and that a more decisive shift in monetary policy or a true washout event in crypto markets is needed before downside volatility can be ruled out. The author and entrepreneur also thinks that bitcoin will not see an all-time high this year, a view disputed by crypto market analyst Mati Greenspan, who thinks that Terpin's take is overly bearish and that there is still room for growth this year.