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 that before a bull market can begin, the price of bitcoin must break above $100,000, but he thinks the bottom will be reached at $57,000 by October.
Terpin's views are in contrast to the consensus among analysts that the low of $60,000 in February marked the end of the bear market and the start of a new bull run. Some analysts, like Jason Fernandes, agree that the bottom has not yet been reached but disagree with Terpin's timeline. Fernandes believes that the market may not have fully capitulated yet, and that historically, durable bottoms tend to coincide with a clear exhaustion of 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 indicates a price of around $57,000. He predicts this will happen in October, around the same time as last year's dip below $100,000.
Other analysts, like Mati Greenspan, disagree with Terpin's bearish outlook, saying that bitcoin still has room to grow this year due to institutional adoption and growing interest.