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 investor in bitcoin and author of Bitcoin Supercycle. Terpin, often referred to as the 'Crypto Godfather' due to his significant involvement in the industry since 2013, believes that for a bull market to commence, the price of bitcoin must first break above $100,000, which he does not foresee happening soon.
Instead, he predicts that the price will plummet to around $57,000 by October, marking the beginning of its ascent. This projection is based on his analysis of the crypto calendar and the historical patterns of bitcoin's price cycles. Terpin's pessimistic outlook is not universally shared, with some analysts arguing that the market has already begun its recovery and that institutional investment and growing interest could propel bitcoin to new heights. However, others agree that the market has not yet fully capitulated and that broader macroeconomic conditions could continue to exert downward pressure on the cryptocurrency's price.