Bitcoin has not yet reached its lowest point and is unlikely to achieve a new all-time high this year, according to Michael Terpin, a veteran bitcoin investor and author of Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich. Terpin, often referred to as the 'Crypto Godfather' due to his involvement in the industry since 2013, believes the price of bitcoin must break above $100,000 and find support before a bull market can be declared.
However, he predicts the bottom will be reached at $57,000 in October. This outlook contrasts with the views of many analysts who believe the February low of around $60,000 marked the end of the bear market and the beginning of a new bull run. Terpin's bearish stance is partially shared by market analyst Jason Fernandes, who agrees that the bottom has not yet been reached but disagrees with the timeline. Fernandes notes that the market may not have fully capitulated, a phase where long-term holders exit in large numbers, signaling a peak in selling pressure.
Another analyst, Mati Greenspan, disagrees with Terpin's prediction of no new all-time high this year, citing institutional adoption and growing interest. The debate among analysts reflects the complexity and unpredictability of the cryptocurrency market.