The price of bitcoin, currently at $78,904.49, 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', believes that before a bull market can be declared, the price must break above $100,000, which he does not foresee happening anytime soon.
Despite a significant gain in April, Terpin asserts that the market is still in a downturn. His pessimistic outlook contrasts with the majority of analysts who believe the bear market ended in February when the price hit $60,000, marking the beginning of a new bull run.
Terpin's prediction of the bottom being at $57,000 in October is based on historical patterns and the average one-year period from each cycle's bottom. However, not all analysts agree with Terpin's timeline, with some arguing that the market has not yet fully capitulated and that broader macro conditions could continue to impact risk assets like bitcoin.