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, an early investor in the cryptocurrency and author of Bitcoin Supercycle. Terpin, often referred to as the 'Crypto Godfather' due to his involvement in the industry since 2013, believes that the price needs to plummet to approximately $57,000 by October before it can begin to ascend. A market analyst, however, disagrees with this timeline. Despite a double-digit gain in April, Terpin asserts that the cryptocurrency is still in a downward trend.
His pessimistic outlook contrasts with the general consensus among analysts that the low point in February marked the end of the bear market and the beginning of a new bull run. Most analysts cited renewed investments in U.S.-listed spot ETFs and the token's resilience during the Iran conflict and oil price spike as reasons for their optimistic views. In an interview, Terpin stated that the psychological barrier of $80,000 was strongly rejected during Asian trading hours, which he believes is typical at this stage of the bitcoin cycle. Jason Fernandes, a market analyst, agrees with Terpin that the bottom has not yet been reached but disagrees with the timeline, suggesting that the market may not have fully capitulated.
Terpin insists that the fundamentals point to a bottom that includes the historical average of the one-year period from each cycle's bottom, indicating a price of around $57,000. Fernandes notes that broader macro conditions could continue to negatively impact risk assets, including bitcoin.
The author and entrepreneur also predicts that bitcoin will not achieve an all-time high this year, a view that crypto market analyst Mati Greenspan disagrees with, calling it 'overly bearish'. Fernandes also believes that market sentiment has not yet reached the levels typically associated with cycle bottoms, suggesting that another downward leg may be necessary before a sustainable base is formed.