Key Takeaways
- Industry pioneer Michael Terpin, nicknamed the “Godfather of Crypto,” is taking short positions on Bitcoin despite maintaining long-term optimism
- Terpin assigns 2-to-1 probability that Bitcoin will decline to a range of $48,000–$60,000 by October 2026
- He believes institutional accumulation by Strategy and Bitcoin ETF capital inflows establish a support level around $40,000
- A fresh Bitcoin bull market is expected to emerge leading up to the 2028 presidential election cycle
- His ultimate price projection is $1 million per Bitcoin by 2033, aligning with forecasts from Cathie Wood, Michael Saylor, and other prominent figures
Michael Terpin, an early Bitcoin proponent who earned the title “the Godfather of Crypto” from CNBC, believes Bitcoin is poised for a significant pullback before resuming its upward trajectory. He outlined his perspective during a recent appearance on the David Lin podcast.
As the founder and CEO of Transform Ventures—a blockchain-focused investment and advisory company—Terpin also authored “Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich.”
While maintaining his bullish stance on Bitcoin’s future, Terpin revealed he’s currently betting against the cryptocurrency in the short term. He estimates the odds at 2-to-1 that prices will decline in the coming months.
His bearish projection targets a price corridor between $48,000 and $60,000, identifying October 2026 as the probable bottom. Terpin anticipates Bitcoin could retreat to its 200-week moving average, currently positioned near $60,000, with potential for additional downside into the low-to-mid $50,000s or upper $40,000s.
However, he doesn’t foresee Bitcoin breaking below the $40,000 threshold. Terpin credits corporate acquisitions by Strategy and persistent Bitcoin ETF investment activity as creating a price floor.
The Rationale Behind Terpin’s Near-Term Bearish View
Terpin links Bitcoin’s market cycles to the United States electoral calendar. He maintains that Satoshi Nakamoto intentionally configured Bitcoin halvings on a four-year schedule to synchronize with US midterm election timing.
He also highlighted coordinated selling activity by trading firms such as Jane Street as a temporary obstacle. This involves a market behavior often referred to as the “10 a.m. dump,” which aims to force liquidations and generate profits from bearish positions.
According to Terpin, quantum computing anxieties also pressured Bitcoin markets from October 2025 through February 2026, though he minimized the actual threat, explaining that compromising all Bitcoin wallets would be impossible given the network’s decentralized architecture.
Terpin’s Vision for Bitcoin’s Journey to Seven Figures
Terpin’s extended outlook for Bitcoin builds on well-established themes: eroding confidence in traditional currencies, escalating sovereign debt levels, and ongoing monetary expansion.
He anticipates Bitcoin will launch into a fresh bull phase as the 2028 presidential race intensifies, following historical four-year cycle patterns.
His ultimate projection calls for Bitcoin to reach $1 million by 2033. This forecast isn’t unique to Terpin. VanEck’s Head of Digital Assets Research Matthew Sigel recently projected Bitcoin will achieve the $1 million milestone within approximately five years.
Binance founder Changpeng Zhao, ARK Invest CEO Cathie Wood, and Strategy founder Michael Saylor have all articulated comparable long-range price expectations.
Terpin also emphasized that he views the upcoming decade as the era of artificial intelligence, highlighting the developing AI token sector as an important area to monitor alongside Bitcoin investments.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
