Crypto Veteran Forecasts Bitcoin Dip to $48K Before Million-Dollar Rally

Key Takeaways

• Transform Ventures CEO Michael Terpin, dubbed the ‘Godfather of Crypto,’ maintains a bearish short-term stance on Bitcoin while holding bullish long-term conviction
• Terpin assigns 2-to-1 probability to Bitcoin declining toward $48,000–$60,000 range by October 2026
• Strategy’s ongoing accumulation and Bitcoin ETF demand provide support floor around $40,000, according to Terpin’s analysis
• A fresh bullish cycle is anticipated leading up to the 2028 United States presidential election
• Terpin’s ultimate price projection of $1 million per Bitcoin by 2033 aligns with forecasts from Cathie Wood, Michael Saylor, and other prominent figures

Michael Terpin, a pioneering Bitcoin proponent whom CNBC has called “the Godfather of Crypto,” believes Bitcoin faces further downside before embarking on its next major uptrend. He outlined his perspective during a recent appearance on the David Lin podcast.

As founder and CEO of Transform Ventures—a blockchain-focused investment and advisory platform—Terpin has established himself as a influential voice in digital assets. He authored “Bitcoin Supercycle: How the Crypto Calendar Can Make You Rich,” exploring cyclical patterns in cryptocurrency markets.

While Terpin remains optimistic about Bitcoin’s long-term trajectory, he has taken a contrarian short position on the asset. He estimates a two-thirds probability of continued price deterioration in the immediate future.

His bearish price target ranges from $48,000 to $60,000, with expectations that the bottom may materialize around October 2026. Terpin anticipates Bitcoin could retreat to its 200-week moving average near $60,000, potentially overshooting into the low-to-mid $50,000s or even approaching the upper $40,000s.

However, he views $40,000 as a strong support level unlikely to break. Terpin credits institutional accumulation by companies like Strategy and persistent capital inflows into Bitcoin exchange-traded funds as establishing a price floor.

Terpin’s Rationale for Near-Term Bitcoin Weakness

Terpin links Bitcoin’s market cycles to the United States electoral calendar. He theorizes that Satoshi Nakamoto intentionally programmed Bitcoin halvings to occur every four years, synchronizing with US midterm election cycles.

He identified systematic selling pressure from trading firms such as Jane Street as contributing to near-term weakness. This involves coordinated trading strategies, sometimes referred to as the “10 a.m. dump,” aimed at triggering liquidation cascades and generating profits from short positions.

Quantum computing fears also pressured Bitcoin between October 2025 and February 2026, Terpin observed, though he dismissed these concerns as overblown. He emphasized that Bitcoin’s decentralized architecture makes it impossible to compromise every wallet simultaneously.

The Journey to Seven-Figure Bitcoin

Terpin’s optimistic long-term outlook relies on well-established themes: eroding confidence in fiat currencies, escalating sovereign debt burdens, and persistent monetary expansion.

He anticipates Bitcoin entering a renewed bull phase as the 2028 presidential election cycle gains momentum, consistent with historical four-year patterns.

His ultimate projection calls for Bitcoin reaching $1 million per coin by 2033. This ambitious target finds support from other market participants. VanEck’s Head of Digital Assets Research Matthew Sigel recently projected Bitcoin could achieve $1 million 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 highlighted artificial intelligence as the defining technology of the coming decade, identifying the emerging AI token market as an important sector to monitor alongside Bitcoin.

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