Terpin says BTC has not bottomed, sees possible drop to $40K

Bitcoin has not yet bottomed and could fall as low as $40,000, early Bitcoin investor Michael Terpin said in an interview with Cointelegraph. Terpin said a market bottom typically does not rebound quickly, adding that if Bitcoin were compared to the four seasons, the market is now transitioning from autumn to winter. Spot ETFs and Strategy (MSTR) are providing support, Terpin said, but a full-scale capitulation has not yet emerged. Terpin added that Bitcoin could reach $1 million in the next cycle. In late April, Terpin had projected that Bitcoin would bottom in October at $57,000.