According to Michael Terpin, a veteran bitcoin investor and author of 'Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich', the cryptocurrency has not yet reached its lowest point and is unlikely to achieve a new all-time high this year. Terpin, often referred to as the 'Crypto Godfather', believes that before a bull market can commence, bitcoin's price must surpass $100,000, which he does not foresee happening anytime soon. Instead, he anticipates the price will plummet to around $57,000 by October, marking the beginning of its ascent.
This prediction contradicts the views of many analysts who think the bear market has already ended and a new bull run has begun. Terpin's outlook is based on his analysis of the cryptocurrency's historical cycles and the current market conditions, including the recent rejection of the $80,000 price level. While some analysts, such as Jason Fernandes, agree that the bottom has not yet been reached, they disagree with Terpin's timeline and think that the market may not have fully capitulated.
The debate surrounding bitcoin's future price movement continues, with some experts predicting a further decline and others expecting a potential rebound.