The price of bitcoin has yet to reach its lowest point and is unlikely to achieve a new all-time high this year, according to Michael Terpin, a pioneering bitcoin investor and author of Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich. Terpin believes that before a bull market can commence, the price of bitcoin must surpass $100,000, which he does not foresee happening anytime soon. He anticipates the bottom of the market to be around $57,000, potentially occurring in October. Terpin's bearish outlook contradicts the views of many analysts who think the low of $60,000 in February marked the end of the bear market and the beginning of a new bull run.
They point to the renewed inflows into U.S.-listed spot ETFs and bitcoin's resilience during the Iran conflict and oil price spike as reasons for their optimism. However, not all analysts disagree with Terpin, as some think the market may not have fully capitulated yet, and the bottom may still be ahead.