The price of bitcoin has not yet reached its lowest point and is unlikely to reach a new all-time high this year, according to Michael Terpin, a renowned early bitcoin investor and author of Bitcoin Supercycle. Terpin believes that before a bull market can begin, the price of bitcoin needs to break above $100,000, but notes that no such support has been seen yet. He predicts that the bottom will be reached at $57,000 by October, despite some analysts believing the bear market ended in February when the price was around $60,000. Terpin's bearish outlook is not shared by all, with some analysts citing renewed investment in U.S.-listed spot ETFs and the token's resilience during recent global events as signs of a potential bull run.
However, Terpin insists that the fundamentals point to a later-cycle bottom, around 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 Jason Fernandes, agree that the bottom has not yet been seen but disagree with the timeline, while Mati Greenspan believes that Terpin's take is overly bearish and that an all-time high is still possible this year.