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

CycleProphet · 2026-02-12T12:40:04+00:00

Transform Ventures CEO Michael Terpin stated at the Hong Kong Consensus Conference that Bitcoin needs to return to the $50,000 to $40,000 range to form a true bottom. He is skeptical of recent bullish forecasts, noting that in past market cycles, bubbles burst after about a year, and the current environment is fragile and may face more challenges. He emphasized that the Bitcoin halving mechanism is a key factor driving the bull market.

CycleProphet

2026-02-12 12:40:04

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Deep Tide TechFlow News, February 12 — According to CoinDesk, Michael Terpin, CEO of Transform Ventures, stated at the Hong Kong Consensus conference that Bitcoin may need to return to the $50,000 or even $40,000 range to form a true bottom and begin a sustained recovery.

Terpin believes that the current crypto market is developing in accordance with historical patterns. He is skeptical of recent bullish forecasts, noting that Bitcoin reached a bull market peak in the fourth quarter after the halving, followed by a correction, consistent with previous cycles. He pointed out that in past cycles, it typically took about a year for the bubble to burst and reach the bottom, and the current market environment is fragile, possibly experiencing “another pain point.”

Terpin emphasized that Bitcoin’s halving mechanism, which reduces miners’ rewards approximately every four years, creates a supply shock and enhances scarcity. This design has historically been a key factor in driving bull markets.

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