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, an early bitcoin investor and author of Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich. Terpin, often referred to as the 'Crypto Godfather', believes that before a bull market can be declared, the price of bitcoin must break above $100,000, which he does not expect to happen anytime soon. Despite a double-digit gain in April, Terpin says the cryptocurrency is still in a downward trend. He predicts that the bottom will be reached at $57,000 by October, a view that disagrees with the consensus among analysts that the bear market ended in February.
Terpin's bearish outlook is not shared by all, with some analysts arguing that the market has not yet fully capitulated and that the fundamentals point to a later-cycle bottom. The 'Crypto Godfather' also believes that bitcoin will not achieve an all-time high this year, a prediction that is disputed by other market analysts who see potential for growth due to institutional adoption and growing interest.