To be precise, a 66% drop from the ATH would see Bitcoin changing hands for $43,500, a price the asset has not seen since early February 2024. The 68-year-old investor, often referred to as the \u201cGodfather of Crypto,\u201d has seen Bitcoin plunge enough times to know what a true bottom feels like.\u00a0<\/p>\n
The \u2018defining hallmarks\u2019 of a Bitcoin bottom<\/h2>\n
Terpin doesn\u2019t think markets have seen true capitulation yet. \u201cOne of the defining hallmarks of the bottom is that it doesn\u2019t pop back,\u201d Terpin says.<\/p>\n
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Michael Terpin spoke to Cointelegraph on the Trade Secrets show. Source: <\/em>Cointelegraph<\/em><\/a><\/p>\n Terpin points out that greed is invariably why most traders fail to time market cycles correctly. He points to Bitcoin\u2019s previous cycle top in November 2021, when the asset reached around $69,000 before entering an extended consolidation period. \u201cYou had quite a bit of time to get out over $60,000. But then everybody thought it was going to $100,000,\u201d Terpin says, \u201cremember the laser eyes?\u201d <\/p>\n Terpin wasn\u2019t confident back then that Bitcoin would reach $100,000. \u201cI thought there was a possibility it could go to a hundred, but I thought the sweet spot was going to be eighty-five. And it obviously underperformed that because of all the bad macro,\u201d Terpin says.<\/p>\n \u201cWe\u2019ve had two cycles in a row now with bad macro. And you would have expected good macro from Trump, but the tariffs, and some of the other things that allowed a lot of manipulation,\u201d Terpin says.<\/p>\n Bitcoin ultimately reached $100,000 in December 2024, just a month after Donald Trump won the US presidential election.<\/p>\n Terpin was an early investor in the crypto industry and is the founder and CEO of blockchain advisory firm Transform Ventures.\u00a0<\/p>\n Through his company, he worked with several projects during their early development stages that went on to become major names in the industry, including Ethereum, Tether, and WAX. He was also an advisor to Mastercoin, the world\u2019s first initial coin offering (ICO) in 2013. It later became known as Omni Layer.<\/p>\n Terpin claims he was the first crypto investor to relocate to Puerto Rico, which is known for its crypto-friendly tax policies. Since moving, he has also invested in and helped fund several startups based on the island.\u00a0<\/p>\n He is convinced that Bitcoin is still following its traditional four-year cycle, despite the industry debate in 2025 that institutional adoption and the launch of spot ETFs may have changed the market\u2019s usual boom-and-bust pattern.<\/p>\n Bitcoin is up 1.67% over the past 30 days. Source: <\/em>CoinMarketCap<\/em><\/a><\/p>\n \u201cI think we\u2019re still following the halvings. This whole argument that, you know, we\u2019re only going up from here because institutions don\u2019t sell is garbage, right? Institutions absolutely sell.\u201d<\/p>\n Terpin is also cautious about companies built around Bitcoin exposure, including Strategy and its executive chairman Michael Saylor\u2019s aggressive Bitcoin accumulation strategy.<\/p>\n While acknowledging Saylor\u2019s success, Terpin says investors should understand the risks of investing in a corporate structure rather than owning the underlying asset.<\/p>\n \u201cI mean historically, you\u2019ve done better if you buy Strategy at the bottom and then sell it at the top than if you buy the Bitcoin,\u201d Terpin says. \u201cWhether he\u2019s [Michael Saylor] able to keep that going, and you know, he avoided being wrecked in 2022 when he was actually underwater with his Bitcoin.\u201d But Terpin would personally \u201crather bet on Bitcoin than a single company.\u201dAnd indeed, investors looking for a low maintenance approach should also bet on Bitcoin rather than chasing altcoins, which require far more active management.<\/p>\n \u201cYou only have to look at your portfolio like a couple times during the four-year cycle,\u201d Terpin says.<\/p>\n \u201cWhen we\u2019re getting near the bottom, see if it\u2019s time to buy. And when we\u2019re getting near the top, see when it\u2019s time to sell. And the rest of the time you can just be on the golf course. Whereas with altcoins, you gotta be, you gotta be on it,\u201d Terpin says.<\/p>\n Related:<\/strong> Bitcoin price<\/a> \u00b7 BTC live chart<\/a> \u00b7 Ethereum price<\/a> \u00b7 ETH gas fee<\/a> \u00b7 Bitcoin price today<\/a> \u00b7 Top 10 cryptocurrencies<\/a><\/p>\nTerpin worked with Ethereum in its early stages<\/h2>\n
Michael Terpin says four-year cycle is not over<\/strong><\/h2>\n
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<\/p>\nBuying Strategy stock or Bitcoin?<\/h2>\n