- Early Bitcoin advocate Michael Terpin, dubbed the “Godfather of Crypto,” is now shorting Bitcoin.
- He predicts a short-term drop to between $48,000 and $57,000 by October, with $40,000 as a likely floor.
- Despite the bearish short-term view, Terpin is long-term bullish, forecasting a $1 million price by 2033.
- His outlook aligns with other prominent figures like VanEck‘s Matthew Sigel and Ark Invest‘s Cathie Wood.
Michael Terpin, an early Bitcoin endorser famously called the “Godfather of Crypto” by CNBC, has revealed a bearish short-term stance by initiating a short position.
He shared this outlook and his price predictions in a recent podcast episode with David Lin.
Terpin stated, “We think we’re pretty confident about 2-to-1 odds that we are going lower.”
He believes Bitcoin could fall to between $48,000 and $57,000 by October. However, he does not expect the price to dip below $40,000, citing institutional buying from firms like Strategy.
Consequently, his long-term view remains extremely bullish. Terpin anticipates another major bull cycle approaching the 2028 Presidential elections. Moreover, he projects Bitcoin will reach a $1 million price target by 2033.
This seven-figure forecast is shared by other industry leaders. For instance, VanEck’s Head of Digital Assets Research, Matthew Sigel, recently projected a similar timeline.
Meanwhile, figures like Binance founder Changpeng Zhao and ARK Invest CEO Cathie Wood also hold million-dollar price expectations.
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