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 investor in bitcoin and author of Bitcoin Supercycle. Terpin believes that before a bull market can begin, the price of bitcoin must break above $100,000, but he expects the price to drop to $57,000 in October.
This prediction disagrees with the majority of analysts, who think the bear market ended in February when the price was around $60,000. Terpin, also known as the 'crypto Godfather' due to his early involvement in the industry, thinks the current market is still in a downturn despite the recent double-digit gains in April. His view is not shared by all, with some analysts arguing that the market has not yet fully capitulated and that the bottom has not been reached.
The disagreement highlights the uncertainty and varying predictions within the cryptocurrency market.