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, a veteran bitcoin investor and author of the book Bitcoin Supercycle. Terpin, often referred to as the 'Crypto Godfather', believes that for a bull market to commence, the price of bitcoin must first break through the $100,000 barrier, which he does not foresee happening anytime soon.
Instead, he predicts that the price will drop to $57,000 by October, marking the bottom of the current cycle. This prognosis is at odds with the views of some market analysts, who think that the low of $60,000 in February marked the end of the bear market and the beginning of a new bull run. Terpin's bearish outlook is based on his analysis of the bitcoin cycle, which he believes is characterized by lower highs being rejected until the final capitulation. While some analysts, such as Jason Fernandes, agree that the bottom has not yet been reached, they disagree with Terpin's timeline and argue that the market may not have fully capitulated 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 he estimates to be around $57,000. He also predicts that bitcoin will not achieve an all-time high this year, a view that is disputed by some analysts, such as Mati Greenspan, who believes that the cryptocurrency still has room to grow and could potentially reach a new all-time high.