Wait before buying the dip! "Godfather of Crypto" reveals: Bitcoin has yet to bottom out, only breaking "this number" can signal a bull market.

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Michael Terpin, author of *Bitcoin Supercycle*, stated that Bitcoin "has not yet hit bottom," and the probability of seeing the price reach a new all-time high this year is extremely slim. Early Bitcoin investor and renowned "Godfather of Crypto," Michael Terpin, pointed out: To declare the return of a bull market, Bitcoin must break through the $100,000 mark, but we are not even seeing a decent support level right now. Michael Terpin boldly predicts that the true bottom for Bitcoin will land near $57,000, around October of this year. He said, "Despite the double-digit gains recorded since April, Bitcoin is still currently in a downward trend." Michael Terpin is revered in the industry as the "Godfather of Crypto" because he was actively involved in the digital asset space as early as 2013, when it was still a niche field misunderstood by the mainstream. He founded several iconic institutions, including Transform Group, which focuses on blockchain PR, the early crypto summit CoinAgenda, and the crypto angel investor organization BitAngels. **Refuting Wall Street Optimists: Lower Highs are a "Dead Cat Bounce"** Michael Terpin's "bearish" remarks stand in stark contrast to mainstream Wall Street analysis. Most market participants believe that Bitcoin's dip to the $60,000 level in February marked the end of the bear market and signaled the start of a new bull run. The confidence of these bulls stems primarily from the massive influx of capital into US spot Bitcoin ETFs, as well as the strong resilience Bitcoin has shown during geopolitical conflicts (such as the Iran conflict) and spikes in oil prices. Michael Terpin stated that during Monday's Asian trading session, "Bitcoin encountered strong resistance while challenging the $80,000 psychological barrier, and high oil prices were one of the factors." He explained that this is entirely consistent with the typical characteristics of Bitcoin at this stage of the market cycle: rebound highs are getting lower and lower, continuously testing investors' patience until the market experiences a final "capitulation." **The Big Washout Hasn't Arrived Yet?** Regarding this insight, Jason Fernandes, co-founder and market analyst at the Web3 investment platform AdLunam, strongly agrees. He also believes that "Bitcoin has not yet bottomed out," though he has a different view on the timing. Jason Fernandes pointed out that the market has not yet seen a true capitulation, which is usually accompanied by a massive exit of long-term holders and is a key signal that selling pressure has reached its peak. He analyzed: Michael Terpin's prediction that the bottom will fall in the "latter part of the cycle" is indeed reasonable, but historical experience tells us that a solid bottom often appears when "speculative leverage is completely wiped out" and "macroeconomic uncertainty is fully eliminated." Clearly, we haven't reached that point yet. Facing skepticism, Michael Terpin remains steadfast. He believes that based on fundamentals and the historical average one year after previous cycle bottoms, the Bitcoin bottom is approximately $57,000. He estimates that this trough will emerge in October, coinciding with the timing of last year's first drop below the $100,000 mark, which subsequently triggered the October 10th crash, when the cryptocurrency market saw its largest single-day liquidation in history, instantly wiping out $19 billion in leveraged positions. Jason Fernandes further added that the broader macroeconomic environment will continue to drag on risk assets, including Bitcoin: Market liquidity remains tight, and various risk assets are still adjusting to a "higher for longer" interest rate environment. He warned: "Unless there is a major shift in monetary policy or a thorough washout in the crypto space, the risk of downward volatility in the market remains high." **Industry Noise: Is This View Too Pessimistic?** Regarding Michael Terpin's assertion that there is no hope for a new all-time high this year, some experts disagree. Mati Greenspan, founder of Quantum Economics and a well-known crypto analyst, stated: While I don't really want to refute the "Godfather of Crypto," his view seems "overly pessimistic." Considering institutional adoption and growing market interest, we still have plenty of room to grow this year, and reaching a new all-time high is definitely a reasonable expectation. Jason Fernandes analyzed it from the perspective of "market sentiment," believing that the investment atmosphere has not yet fallen into the "extreme pessimism" level that should accompany a market bottom. Bitcoin may still have to take another tumble, though whether it will land exactly in the $57,000 to $59,000 range is hard to say. As for the "must break $100,000" bull market threshold mentioned by

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