Whether or not Bitcoin has confirmed its bottom remains unclear, as bottoms typically take months to confirm. Notably, analysts are already debating whether a durable bottom has already formed near Bitcoin's previously recorded lows at $57,000 and $60,000. However, market players have remained focused on Bitcoin post-bottom signals and the possibility of a catastrophic event as a sign of Bitcoin bottoming.Â
In an interview with MilkRoad, Michael Terpin, known as an early Puerto Rican Bitcoin investor and referred to by CNBC as a “Crypto Godfather,†asserted that Bitcoin is on track to record a market-shaking event, as the major Bitcoin bottom has been followed by a catastrophic event.
He recounts how Bitcoin has historically recorded price stagnation and a decent spike in volume before a major market downturn. He points to FTX's crash and bankruptcy reports from firms like Celsius, BlockFi, amongst others, that threw prices apart.
Speaking to the current market, the Bitcoiner is quoted saying, “What's the worst that could happen this time? So people get leverage at the wrong time on the stretch, get caught in a short squeeze, and have to sell when they don't want to.
While the market collectively awaits a Bitcoin bottom to be recorded in October. Michael Terpin is convinced that there's an 80% chance it has already occurred.



 
However, the Bitcoiner does not anticipate a straight climb to the $100,000 price mark. In fact, Terpin is convinced that Bitcoin will return to lower levels like $70,000 or even $60,000 before kicking off a final price jump.
At report time, Bitcoin has taken a hit after a slight drop in total market cap. The apex cryptocurrency, down 0.71% over the last 24 hours, is trading at $79,363. Gains over the last 7 days and 30 days sit at 22% and 1.72%, respectively.
