Bitcoin Bottom Not Yet Reached, 'Crypto Godfather' Warns Against 2026 ATH

Michael Terpin, a prominent early Bitcoin investor known as the 'Crypto Godfather,' has issued a bearish outlook for the digital asset, suggesting that current price action is part of a continuing decline rather than a recovery. Terpin argues that the market has not yet reached its bottom and that a new all-time high is off the table for 2026. While a consensus of analysts believes the market bottomed in February around $60,000, Terpin maintains that the asset has yet to experience the necessary capitulation to spark a sustainable bull run. He posits that Bitcoin must decisively break back above the $100,000 threshold before a bull market can be officially called. Terpin forecasts a cycle bottom of $57,000, likely occurring in October. He notes that the psychological barrier of $80,000 was recently rejected, citing high oil prices as a contributing factor. This pattern of lower highs is, in his view, typical of the stage preceding final market capitulation. Other experts offer mixed views. Jason Fernandes of AdLunam agrees that a bottom may not have formed, pointing to tight liquidity and a 'higher-for-longer' interest rate environment as primary drivers of continued downside volatility. Conversely, Mati Greenspan of Quantum Economics disagrees with Terpin's outlook, suggesting that growing institutional adoption makes a new all-time high plausible within the year.