The current bitcoin price of $78,218.50 has not reached its lowest point, and achieving a new all-time high this year is unlikely, according to Michael Terpin, author of Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich. Terpin, often referred to as the 'Crypto Godfather', believes that before a bull market can be declared, the price must break above $100,000, which he thinks will not happen this year.
He predicts that the bottom will be reached at $57,000 by October, contrary to the consensus among analysts that the February low marked the end of the bear market. While some analysts agree that the bottom has not been reached, they disagree with Terpin's timeline, citing the need for the market to fully capitulate before a sustainable base can be formed.
Terpin's prediction is based on the historical average of the one-year period from each cycle's bottom, and he believes that the fundamentals point towards this outcome. However, other analysts, such as Mati Greenspan, founder of Quantum Economics, disagree with Terpin's bearish view, citing the potential for institutional adoption and growing interest to drive the price to a new all-time high.