Early bitcoin investor and author Michael Terpin believes that 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', claims that the price of bitcoin needs to break above $100,000 and find support before a bull market can be confirmed.
However, he thinks the bottom will be reached at $57,000 by October. This prediction contradicts the views of some market analysts, who think the February low of around $60,000 marked the end of the bear market. Terpin's bearish outlook is based on his analysis of the bitcoin cycle, which he believes is typical at this stage, with lower highs being rejected until the final capitulation. Some analysts, such as Jason Fernandes, agree that the bottom has not been seen yet but disagree with the timeline.
Fernandes thinks that the market may not have fully capitulated yet and that historically, durable bottoms tend to coincide with a clear exhaustion of both speculative leverage and macro uncertainty. Terpin insists that the fundamentals point to a bottom that includes the historical average of the one-year period from each cycle's bottom, which would be around $57,000. He predicts this will happen in October, around the same time as last year when BTC first dipped below $100,000. Other analysts, such as Mati Greenspan, disagree with Terpin's prediction, thinking it is overly bearish and that an all-time high is still possible this year due to growing institutional adoption and interest.