'Crypto Godfather' says bitcoin has not reached its bottom and a new all-time high is off the table for 2026

MarketsShareShare this articleCopy linkX iconX (Twitter)LinkedInFacebookEmail'Crypto Godfather' says bitcoin has not reached its bottom and a new all-time high is off the table for 2026The 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. By Olivier Acuna|Edited by Omkar Godbole, Aoyon Ashraf Apr 28, 2026, 3:18 p.m. Make preferred on The author of "Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich" explains why bitcoin has yet to bottom and why it will not see an ATH this year. (Michael Terpin)What 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.Bitcoin BTC$76,882.32 has not reached its bottom yet, and a new all-time high is unlikely this year, said Michael Terpin, an early bitcoin investor and author of Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich.“Before a bull market for bitcoin can be called, the price needs to break back above $100,000 and no support anywhere near has manifested,” according to Terpin, who said the bottom will be seen at $57,000 sometime in October. “Despite a double-digit gain thus far in April, we are very much still in a bitcoin fall.”Terpin is often called 'the crypto Godfather' for his involvement in the industry around 2013, when the digital asset sector was still small and somewhat misunderstood by the mainstream. Among his many ventures, Terpin founded Transform Group, one of the first PR firms focused on blockchain companies, CoinAgenda, one of the first conferences in the space and BitAngels, a crypto angel investor group. His bearish view for this cycle stands in contrast to the consensus among analysts that the February low around $60,000 marked the end of the bear market and the beginning of a new bull run. Most of these bullish analysts cited renewed inflows into U.S.-listed spot ETFs and the token’s resilience during the Iran conflict and the oil price spike as part of their outlook. In an interview with CoinDesk, Terpin said that during Asian trading hours on Monday, “the psychological barrier of $80,000 was strongly rejected, with the high price of oil a factor.” He explained that this is typical at this stage of the bitcoin cycle, with lower highs being rejected until the final capitulation.While Jason Fernandes, a market analyst and co-founder of AdLunam, agrees with Terpin that the bottom has not yet been seen, he disagrees with the timeline, adding that the market may not have fully capitulated yet. Capitulation is a phase in which long-term holders exit in large numbers, signaling a peak in selling pressure.“Terpin makes a reasonable case for a later-cycle bottom, but I don’t believe bitcoin has fully capitulated yet,” Fernandes said. “Historically, durable bottoms tend to coincide with a clear exhaustion of both…

This excerpt is published under fair use for community discussion. Read the full article at CoinDesk.