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 bitcoin and author of Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich. Terpin, often referred to as the 'Crypto Godfather' due to his early involvement in the industry, believes that before a bull market can be declared, the price of bitcoin must break above $100,000, which he does not see happening anytime soon.
Despite a double-digit increase in April, Terpin asserts that the market is still in a downturn. His prediction of the bottom being around $57,000 in October contrasts with the views of many analysts who believe the February low marked the end of the bear market. Terpin's bearish outlook is based on his analysis of the bitcoin cycle, where lower highs are typically rejected until the final capitulation. However, not all analysts agree with his timeline or his prediction of a new all-time high being off the table for 2026.