Michael Terpin, an early Bitcoin investor often dubbed the 'Crypto Godfather,' has delivered a bearish verdict: Bitcoin has not hit its bottom and a new all-time high is off the table for 2026. In an interview with CoinDesk, Terpin stated, "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." He anticipates the bottom at $57,000 sometime in October.
April Gains Misleading
Despite a double-digit gain in April so far, Terpin remains convinced: "We are very much still in a bitcoin fall." He noted that during Asian trading hours on Monday, the psychological barrier of $80,000 was strongly rejected, with high oil prices a contributing factor. He explained that this pattern of "lower highs" is typical at this stage of the bitcoin cycle, continuing until the final capitulation.
Terpin earned his 'Godfather' moniker by entering the crypto space around 2013, when the industry was still niche and misunderstood. He founded Transform Group, one of the first blockchain-focused PR firms, CoinAgenda, an early crypto conference, and BitAngels, a crypto angel investor group.
Against the Consensus
His view contrasts sharply with the mainstream analyst consensus that the February low near $60,000 marked the end of the bear market and start of a new bull run. Those bullish analysts cite renewed inflows into U.S.-listed spot ETFs and Bitcoin's resilience during the Iran conflict and oil price spike.
Jason Fernandes, market analyst and co-founder of AdLunam, agrees with Terpin that the bottom remains unseen but disagrees on the timeline: "Terpin makes a reasonable case for a later-cycle bottom, but I don't believe bitcoin has fully capitulated yet." He added that historically, durable bottoms coincide with an exhaustion of speculative leverage and macro uncertainty, "and we're definitely not there yet."
Capitulation Phase Not Here
Capitulation is a phase where long-term holders exit in large numbers, signaling peak selling pressure. Fernandes believes the market still harbors speculative leverage and macro risks (oil, geopolitics) that prevent a genuine bottom.
Bitcoin currently trades around $64,000, roughly 11% above Terpin's predicted bottom. Whether the 'Crypto Godfather's' gloomy forecast materializes remains to be seen.