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 seasoned bitcoin investor and author of the book Bitcoin Supercycle. Terpin predicts that the cryptocurrency's price needs to plummet to approximately $57,000 by October before it can begin to ascend.
This prediction is in contrast to the views of some market analysts who believe that the bear market has ended and a bull run is imminent. Terpin, also known as the 'Crypto Godfather', believes that the current price of bitcoin, which has experienced a double-digit gain in April, is still part of a downward trend.
His prediction is based on the historical pattern of bitcoin's price cycle, where the price typically drops to a low point before rising again. However, some analysts, such as Jason Fernandes, disagree with Terpin's timeline, arguing that the market has not yet fully capitulated and that a clear exhaustion of speculative leverage and macro uncertainty is needed to signal a peak in selling pressure.
Terpin remains adamant that the fundamentals point to a bottom that includes the historical average of the one-year period from each cycle's bottom, which indicates a price of around $57,000. Other analysts, such as Mati Greenspan, disagree with Terpin's bearish view, arguing that the level of institutional adoption and growing interest in bitcoin suggests that an all-time high is still possible this year.