Early bitcoin investor and author Michael Terpin believes that the cryptocurrency has not yet reached its lowest point and a new record high is unlikely this year. Terpin, also known as the 'Crypto Godfather', stated that the price of bitcoin needs to break above $100,000 with no nearby support to be considered a bull market. He predicts the bottom will occur at $57,000 in October.
This viewpoint differs from other analysts who think the bear market ended in February when the price was around $60,000. Market analyst Jason Fernandes agrees that the bottom has not been reached but disagrees with the timeline. Fernandes notes that the market may not have fully capitulated yet, and historically, durable bottoms tend to coincide with a clear exhaustion of speculative leverage and macro uncertainty.
Terpin insists that the fundamentals indicate a bottom around $57,000, which he expects to happen in October. Other analysts, such as Mati Greenspan, disagree with Terpin's bearish outlook, citing institutional adoption and growing interest as reasons why a new all-time high is possible this year.