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, a pioneer investor in bitcoin 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 commence, the price of bitcoin must break above $100,000, which he does not foresee happening anytime soon. Instead, he predicts that the price will bottom out at $57,000 in October, marking the beginning of its ascent.
This prediction contradicts the views of many analysts who believe that the low of $60,000 in February marked the end of the bear market and the beginning of a new bull run. Terpin's outlook is based on his understanding of the bitcoin cycle, where lower highs are rejected until the final capitulation. While some analysts agree that the bottom has not yet been reached, they disagree with Terpin's timeline. Jason Fernandes, a market analyst, believes that the market may not have fully capitulated yet and that the fundamentals do not yet point to a bottom.
The 'Crypto Godfather' insists that the historical average of the one-year period from each cycle's bottom indicates a bottom around $57,000, which he expects to happen in October. Other analysts, such as Mati Greenspan, disagree with Terpin's bearish view, believing that bitcoin still has room to grow this year and that an all-time high is possible.
The debate among analysts highlights the uncertainty and complexity of the cryptocurrency market, with different perspectives on the future of bitcoin.