Transform Ventures CEO: Bitcoin may need to return to $50,000 or even $40,000 to form a true bottom

Transform Ventures CEO Michael Terpin stated at the Consensus conference in Hong Kong that Bitcoin may need to return to the $50,000 or even $40,000 range to form a true bottom and begin a lasting recovery.

Terpin believes that the current crypto market is developing according to historical patterns, and he is skeptical of recent bullish predictions, stating that Bitcoin typically reaches a bull market peak in the fourth quarter after halving, followed by a correction, which is consistent with previous cycles. He pointed out that in past cycles, it often took about a year for the bubble to burst and hit the bottom, and the current market environment is fragile, which may lead to another pain point. Terpin emphasized that Bitcoin's halving mechanism, which reduces miner rewards approximately every four years, creates supply shocks and enhances scarcity, and this design has historically been a key factor in driving bull markets.