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 bitcoin investor and author of Bitcoin Supercycle. Terpin believes the price needs to break above $100,000 to confirm a bull market, but first, it must drop to $57,000, which he predicts will happen in October. This viewpoint is in contrast to the majority of analysts, who think the February low marked the end of the bear market and the start of a new bull run. Terpin, known as the 'Crypto Godfather' due to his early involvement in the industry, disagrees, citing the need for the price to break key levels and the current rejection of the $80,000 psychological barrier.
Market analyst Jason Fernandes agrees that the bottom has not been reached but disagrees with Terpin's timeline, believing that the market has not yet fully capitulated. Another analyst, Mati Greenspan, thinks Terpin's outlook is overly bearish, suggesting there is still room for growth this year.