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 the cryptocurrency and author of Bitcoin Supercycle. Terpin, often referred to as the 'crypto Godfather', believes that before a bull market can commence, the price of bitcoin must break above $100,000, which he does not expect to happen soon. Despite a double-digit gain in April, Terpin asserts that the cryptocurrency is still in a downward trend.
He predicts that the bottom will be reached at $57,000 by October, a view that contrasts with the consensus among analysts that the bear market ended in February. Some analysts, such as Jason Fernandes, agree that the bottom has not been reached but disagree on the timeline, citing the need for a clear exhaustion of speculative leverage and macro uncertainty. Terpin's bearish outlook is based on the historical average of the one-year period from each cycle's bottom, which suggests a bottom around $57,000.
However, other analysts, such as Mati Greenspan, disagree with Terpin's assessment, considering it overly bearish and believing that an all-time high is still possible this year due to growing institutional adoption and interest.