The price of bitcoin, currently at $78,687.37, has not yet reached its lowest point, and it is unlikely to achieve a new all-time high this year, according to Michael Terpin, an early investor in bitcoin and author of Bitcoin Supercycle. Terpin believes that before a bull market can commence, the price of bitcoin must break above $100,000, which he does not foresee happening anytime soon. 'The crypto Godfather' predicts that the bottom of the market will be reached at $57,000 by October, following a pattern similar to the previous year when bitcoin first fell below $100,000, culminating in the October 10 crash that wiped out $19 billion in leveraged positions.
However, not all analysts agree with Terpin's bearish outlook, with some arguing that the market has not yet fully capitulated and that a new all-time high is still possible this year.