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 renowned early bitcoin investor and author of Bitcoin Supercycle. Terpin believes that before a bull market can commence, the price must surpass $100,000, and currently, no support near this level has materialized.
He predicts the bottom will occur at $57,000, likely in October. This forecast contrasts with the views of many analysts who think the February low marked the end of the bear market.
Terpin, often referred to as the 'Crypto Godfather' due to his early involvement in the industry, founded several key ventures including Transform Group and BitAngels. His bearish outlook for this cycle differs from the consensus among analysts who cite factors like renewed inflows into U.S.-listed spot ETFs and bitcoin's resilience during recent geopolitical and economic events. Market analyst Jason Fernandes agrees that the bottom has not been reached but disagrees with Terpin's timeline, suggesting that the market may not have fully capitulated.
Another analyst, Mati Greenspan, finds Terpin's views overly bearish, believing there's still potential for an all-time high this year given institutional adoption and growing interest.