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 Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich. Terpin, often referred to as the 'Crypto Godfather', believes that before a bull market can begin, the price of bitcoin needs to exceed $100,000, which he does not foresee happening anytime soon.
He predicts that the bottom of the market will be reached at $57,000 by October, a viewpoint that contrasts with the majority of analysts who think the bear market ended in February with the price around $60,000. While some analysts agree that the bottom has not been reached, they disagree with Terpin's timeline. The 'Crypto Godfather' insists that historical averages indicate a bottom around $57,000, a level that will be reached due to the typical patterns seen in the bitcoin cycle, including lower highs being rejected until the final capitulation. Other market analysts, such as Jason Fernandes, concur that the market may not have fully capitulated yet, with broader macro conditions potentially continuing to affect risk assets, including bitcoin.
Additionally, Mati Greenspan, a crypto market analyst, disagrees with Terpin's bearish outlook, believing that an all-time high is still possible this year given the level of institutional adoption and growing interest in bitcoin.