The current bitcoin price of $78,420.27 has not yet reached its lowest point, and it is unlikely to achieve a new all-time high this year, claims Michael Terpin, an early bitcoin investor and author of Bitcoin Supercycle. Terpin believes that before a bull market can be declared, the price must break above $100,000, and he predicts that the bottom will be reached at $57,000 by October. Despite a double-digit gain in April, Terpin thinks the bitcoin market is still in a downturn. Known as the 'crypto Godfather' due to his early involvement in the industry, Terpin founded Transform Group, a PR firm focused on blockchain companies, and BitAngels, a crypto angel investor group.
His bearish outlook contrasts with the consensus among analysts that the February low marked the end of the bear market and the start of a new bull run. Terpin's prediction is based on the historical average of the one-year period from each cycle's bottom, which indicates a bottom around $57,000. However, not all analysts agree with Terpin's timeline, with some arguing that the market may not have fully capitulated yet.
Mati Greenspan, a crypto market analyst, disagrees with Terpin's assessment, thinking it is overly bearish and that an all-time high is still possible this year.