It was stated that Bitcoin has not yet seen its bottom and a new all-time high price is not expected this year. The owner of this opinion is Michael Terpin, who has been operating in the crypto industry for many years. Terpin, who entered the Bitcoin market in 2013, is among the founders of Transform Group, which focuses on blockchain companies, and BitAngels, one of the first known angel investor groups in the industry, as well as his book “Bitcoin Supercycle”.
“The bottom has not been seen yet” assessment
Michael Terpin states that Bitcoin must first rise above the $ 100,000 level to start a new bull market, but there is currently no support near this level. According to him, the real bottom will occur around $ 57,000 in October. Terpin emphasizes that the decline in Bitcoin continues despite double-digit increases in April.
Terpin’s assessment is as follows: “In order to be able to say that Bitcoin’s bull market has started, the price must rise above $ 100,000 again. However, there is no support for this level. We may see a bottom at $ 57,000 in October.”
On the other hand, the common view in the market is that the bear season is over and a new rise has begun after the price dropped to around $60,000 in February. The basis for this idea is that Bitcoin remains strong despite geopolitical tensions and fluctuations in oil prices, with heavy inflows to spot ETFs traded in the USA.
Different opinions from market analysts
Terpin’s predictions contradict the generally optimistic forecasts in the crypto market. Market analyst and AdLunam co-founder Jason Fernandes disagreed that the bottom has been reached. According to him, the market has not yet experienced a complete “capitulation” period, that is, a hard selling period in which long-term investors largely withdraw from their positions.
Fernandes comments: “In the past, true market bottoms have been accompanied by moments where highly leveraged transactions and macro uncertainty have largely disappeared; I don’t think we have reached that level yet.”
In an interview with CoinDesk, Terpin said that the psychological threshold of $80,000 was strongly rejected by the price on a day of trading in Asian markets; He stated that the effect of high oil prices was felt in this. Fernandes, on the other hand, thinks that the market has not yet reached the bottom under current conditions, and that the pressure of the general economic tightening, especially on risky assets, continues. The analyst states that downward price movements may continue without a significant change in monetary policy or a major liquidation event in the market.
Possibility of new records and psychological thresholds
While Michael Terpin reiterated that he does not expect a new record in Bitcoin throughout the year; Mati Greenspan, founder of Quantum Economics, argued that the possibility of a new peak this year is still on the table with the increase in institutional interest and the entry of new investors into the market.
Greenspan stated: “Although I do not agree with the ‘Crypto Godfather,’ it is still possible to see a new peak during the year with institutional investments and rising interest.”
Fernandes, on the other hand, said that the market sentiment is still not at the extreme pessimism required by the bottom levels, so the price may decline once again before establishing a sustainable base. He also stated that although $100,000 is psychologically important, it should not be seen as a technical measure of a new rise on its own. However, exceeding this level may create an acceleration in the market.
