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The early bitcoin investor and author of Bitcoin Supercycle says bitcoin needs to drop to about $57,000 sometime in October before beginning its ascent. A market analyst disagrees. \nWhat to know : Michael Terpin, an early bitcoin investor and often called the 'Crypto Godfather,' argues that bitcoin has not yet bottomed and predicts a low near $57,000 in October, with no new all-time high likely this year. His view contrasts with analysts who see February’s roughly $60,000 low as the start of a new bull run, citing strong ETF inflows and bitcoin’s resilience amid geopolitical tensions and higher oil prices. Other analysts are split, with some warning that tight liquidity, high interest rates and the absence of full capitulation or extreme pessimism suggest further downside, while others say institutional adoption could still push bitcoin to a record high this year.