Early Bitcoin (BTC) endorser Michael Terpin, who was called “Godfather of Crypto” by CNBC has begun shorting BTC. Terpin gave a short-term and long-term outlook for the original crypto in recent podcast episode with David Lin. Let’s discuss what the crypto godfather has to say about Bitcoin’s (BTC) price movements in the coming time.
Bitcoin Price Movements According To The Godfather Of Crypto
According to Terpin, Bitcoin’s (BTC) price could go lower before the asset sees any big price jumps. Terpin stated, “We think we’re pretty confident about 2-to-1 odds that we are going lower.” The crypto godfather believes BTC’s price could fall to as low as $48,000 and $57,000 by October of this year. However, he does not see the asset’s price dipping below the $40,000 mark, given strong institutional buying pressure. Terpin names Strategy’s BTC purchases and ETF inflows for BTC’s floor price levels.
According to Terpin, Bitcoin (BTC) is set to see more adoption in the coming years. He specifically points to the growing distrust of fiat currencies, increased money printing, and rising debt as major drivers for BTC adoption.
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On the flip side, Terpin is quite bullish on Bitcoin’s (BTC) long-term performance. He anticipates another bull cycle when we near the 2028 Presidential elections. Moreover, he expects BTC’s price to hit the $1 million mark by 2033. Terpin is not the only one who expects Bitcoin (BTC) to hit the $1 million mark. Recently, VanEck’s Head of Digital Assets Research, Matthew Sigel, also said that he anticipates BTC to hit the $1 million mark in about “half a decade.” Binance founder Changpeng Zhao (CZ), ARK Invest CEO Cathie Wood, and Strategy founder Michael Saylor, are also among those who anticipate a seven-figure price target for Bitcoin (BTC).
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