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, a prominent early investor in bitcoin and author of Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich. Terpin, often referred to as the 'Crypto Godfather', believes that for a bull market to be declared, the price of bitcoin must first break above $100,000, but notes that no such support has been seen so far. He predicts that the bottom of the market will be reached at $57,000, likely in October. This perspective is at odds with the majority of analysts, who think the low point was reached in February at around $60,000 and that a new bull run has begun.
Terpin's bearish outlook is based on his understanding of the bitcoin cycle, where lower highs are rejected until the final capitulation. However, not all analysts agree with his timeline, with some arguing that the market has not yet fully capitulated and that broader macro conditions could continue to affect risk assets like bitcoin. Additionally, Terpin believes that bitcoin will not see an all-time high this year, a view that is disputed by other market analysts who see potential for significant growth due to institutional adoption and growing interest.