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 pioneering bitcoin investor and author of Bitcoin Supercycle. 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, which he does not foresee happening anytime soon. Instead, he predicts that the price will plummet to $57,000 by October, marking the beginning of its ascent.
This outlook is in contrast to the opinions of other analysts, who believe the bear market ended in February when the price hit $60,000, marking the start of a new bull run. Terpin's views are partially shared by market analyst Jason Fernandes, who agrees that the bottom has not been reached but disagrees with the timeline. Another analyst, Mati Greenspan, disagrees with Terpin's bearish stance, arguing that there is still room for growth this year, driven by institutional adoption and growing interest, making a new all-time high plausible.