Terpin the โCrypto Godfatherโ on BTC โ Not Ready for Bottom and ATH in 2026
Michael Terpin, BTC investor, claims that BTC has not formed its bottom yet and will not make an ATH in 2026. A correction down to โผ$57,000 is anticipated by October.
Bear Thesis of Terpin on BTC
* Lack of BTC bottom: โNo BTC bottom until price breaks through $100,000 and no such support anywhere near materializingโ
* Target price: BTC will reach bottom at $57,000 in October, like last year after BTC fell under $100K on October 10th
* Fall trend: Even despite a rise by 10+% in April, โwe are definitely still in the Bitcoin fallโ. BTC declines at high levels before capitulation are usual
* Rejection: BTC at $80,000 โstrongly rejected yesterday in Asian sessionโ due to high oil prices
Analyst Views Diverge
* Both see no bottom: Jason Fernandes of AdLunam believes BTC has not capitulated. โThe formation of a durable bottom requires exhaustion of speculation leverage and macro uncertainty, neither of which are evident here yet.โ
* When?: For Fernandes, โItโs just not there yet for extreme pessimism to kick inโฆ might require one more dip.โ
* Counterpoint: Mati Greenspan at Quantum Economics finds this view โoverly bearish.โ Points to institutional support: โThere is still plenty of room for growthโฆ new record highs are likely to occur soon enough.โ
* Most analysts agree: The low for Februaryโs bear market is at the โผ$60,000 mark. Helped by ETF buying interest and BTC stability despite Iran/oil conflict risks.
Macro ChallengesLiquidity:
* โThe liquidity situation is tight, and markets have adjusted themselves to a higher-for-longer rate scenario,โ noted Fernandes.
* Target of $100k mark: Symbolic rather than technical in nature. Bull run requires new highs along with money flows. But the $100K level can spur those developments.
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