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 the cryptocurrency and author of Bitcoin Supercycle. Terpin believes that before a bull market can occur, the price of bitcoin must break above $100,000, but he does not expect this to happen anytime soon.
Instead, he predicts that the price will drop to around $57,000 by October, which will mark the beginning of its ascent. This prediction is at odds with the views of many analysts, who believe that the bear market ended in February when the price hit a low of around $60,000. Terpin, often referred to as the 'Crypto Godfather' due to his early involvement in the industry, has founded several companies, including Transform Group, a PR firm focused on blockchain, and BitAngels, a crypto angel investor group.
His bearish outlook for this cycle is not shared by all analysts, with some arguing that the market has not yet fully capitulated and that the bottom has not been reached. Market analyst Jason Fernandes agrees that the bottom has not yet been seen, but disagrees with Terpin's timeline, citing the need for a clear exhaustion of speculative leverage and macro uncertainty.
Terpin insists that the fundamentals point to a later-cycle bottom, which he believes will occur around $57,000 in October. Meanwhile, other analysts, such as Mati Greenspan, disagree with Terpin's prediction of no new all-time high this year, citing growing institutional adoption and interest in the cryptocurrency.