Renowned bitcoin investor and author Michael Terpin, often referred to as the 'Crypto Godfather,' believes that bitcoin has yet to reach its lowest point and is unlikely to achieve a new all-time high this year. Terpin, who has been involved in the industry since 2013, predicts that the price of bitcoin needs to fall to approximately $57,000 by October before it can begin to rise. This forecast contradicts the views of many analysts, who think the bear market ended in February when the price dropped to around $60,000. Terpin's prediction is based on his analysis of the cryptocurrency's historical patterns, which he outlines in his book 'Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich.' He argues that before a bull market can begin, the price must break above $100,000, and currently, there is no support for this level.
Despite a significant gain in April, Terpin believes that the market is still experiencing a decline. His views are not shared by all analysts, with some, like Jason Fernandes, disagreeing with the timeline but not the prediction of a further decline.
Fernandes believes that the market has not yet fully capitulated and that the bottom has not been reached. The disagreement among experts reflects the complexity and unpredictability of the cryptocurrency market, with various factors influencing its trajectory.