Will Bitcoin Fall to $48,000? 'Godfather of Crypto' Warns

▲ Bitcoin (BTC) crash/ChatGPT generated image ©

Michael Terpin, known as the 'Godfather of Crypto,' warned of a potential short-term decline in Bitcoin while simultaneously predicting a long-term era of $1 million. The market's attention is now focused on his recent statement that he has even taken a short position on Bitcoin.

According to cryptocurrency media Watcher.Guru on May 13 (local time), early Bitcoin (BTC) supporter Michael Terpin, who earned the moniker 'Godfather of Crypto' from CNBC, presented both short-term bearish and long-term bullish outlooks in a recent podcast interview with David Lin. He stated, "I currently see a 2-to-1 chance that Bitcoin will go lower," and revealed he is taking a short position.

Terpin mentioned the possibility of Bitcoin falling to the $48,000-$57,000 range by October of this year. However, he predicted it would not drop below $40,000. He explained that Strategy's continuous Bitcoin purchases and inflows into Bitcoin spot ETFs are acting as strong downward support.

On the other hand, the long-term outlook was very optimistic. Terpin cited growing distrust in fiat currencies, continuous increases in money supply, and rising global debt as key factors for increased Bitcoin adoption in the future. In particular, he predicted a high probability of another bull market starting around the time of the 2028 US presidential election.

The long-term target price is $1 million. Terpin projected that Bitcoin could reach $1 million by 2033. He stated that this forecast is not his opinion alone, noting that Matthew Sigel, Head of Digital Asset Research at VanEck, also mentioned the possibility of Bitcoin reaching $1 million in about five years. Other prominent figures like Changpeng Zhao (CZ), Cathie Wood, and Michael Saylor were also cited as expecting a 'seven-figure price' for Bitcoin.

The market views Terpin's remarks as simultaneously demonstrating the possibility of a short-term correction and the logic of a long-term structural rise. While warning of a potential short-term correction, he emphasized that the inflow of institutional funds and the trend of increasing global adoption remain valid.

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