The current bitcoin price of $78,209.47 has not yet reached its lowest point, and a new record high is unlikely to occur this year, according to Michael Terpin, also known as the 'Crypto Godfather' and author of Bitcoin Supercycle. Terpin believes the price must break above $100,000 to be considered a bull market, but he expects the bottom to be around $57,000 by October. This prediction disagrees with the consensus among analysts that the February low marked the end of the bear market.
Terpin's view is based on his experience in the industry, having founded Transform Group, CoinAgenda, and BitAngels. While some analysts agree that the bottom has not been reached, they disagree on the timeline, citing that the market may not have fully capitulated yet. Terpin insists that the fundamentals point to a bottom around $57,000, which is the historical average of the one-year period from each cycle's bottom. However, other experts argue that the market sentiment has not yet reached the levels typically associated with cycle bottoms, suggesting that another leg down may be needed before a sustainable base is formed.