According to Michael Terpin, a veteran bitcoin investor and author, the cryptocurrency's price has not yet reached its lowest point and is unlikely to achieve a new all-time high this year. Terpin, often referred to as the 'Crypto Godfather', believes that bitcoin needs to fall to approximately $57,000 by October before it can start to rise again. This prediction is based on his analysis of the crypto calendar and the historical patterns of bitcoin's price movements.
A market analyst, however, disagrees with Terpin's timeline, suggesting that the market may not have fully capitulated yet. Terpin's views are in contrast to the general consensus among analysts that the February low marked the end of the bear market and the beginning of a new bull run. Most analysts cited the renewed inflows into U.S.-listed spot ETFs and bitcoin's resilience during the Iran conflict and the oil price spike as part of their outlook.
In an interview, Terpin explained that the psychological barrier of $80,000 was strongly rejected during Asian trading hours, which is typical at this stage of the bitcoin cycle. While another market analyst agrees that the bottom has not yet been seen, he disagrees with the timeline, stating that the market may not have fully capitulated yet. Terpin insists that the fundamentals point towards a bottom that includes the historical average of the one-year period from each cycle's bottom, indicating a price of around $57,000.
He predicts this will happen in October, around the same timeline as last year when BTC first dipped below $100,000. The author and entrepreneur also stated that bitcoin will not see an all-time high this year, a view disputed by another crypto market analyst who believes that the level of institutional adoption and growing interest could lead to a new all-time high.