Crypto Godfather Michael Terpin Shorts Bitcoin Despite $1M BTC Prediction

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Crypto investor Michael Terpin says Bitcoin (BTC) may still face another sharp correction despite growing institutional adoption and long-term bullish sentiment surrounding the asset. During a recent interview, the Transform Ventures founder revealed that his fund is actively shorting BTC because it believes the current market still resembles a broader bear cycle structure. Even so, Terpin maintained that Bitcoin could eventually reach $1 million over the longer term as adoption continues expanding globally.

Terpin Sees Another Downside Move First

Speaking during the interview for David Lin’s podcast on May 11, Terpin argued that many investors are becoming overly optimistic after Bitcoin’s latest recovery attempts near the $80,000 level. According to him, the market may still need another major reset before a sustainable long-term breakout can occur.

The investor explained that his fund remains positioned for downside volatility in the near term, even as he maintained a highly bullish multi-year outlook for the asset. He suggested the current structure resembles previous cycles where strong rallies eventually gave way to another capitulation phase before the next major bull market fully developed.

Terpin has been involved in the crypto industry for years and is often referred to as one of the sector’s early investors. His comments stand out because they combine a long-term bullish thesis with an openly bearish short-term trading position.

He also pointed to artificial intelligence-linked crypto projects as one of the sectors he believes could outperform Bitcoin during the next few years as capital rotates toward emerging narratives. As Terpin explained:

“I believe AI tokens are going to outperform Bitcoin over the next three years.”

According to him, AI-focused blockchain projects sit at the intersection of two major technology trends that continue attracting both retail and institutional capital. He suggested the sector could experience growth similar to previous crypto narrative cycles tied to decentralized finance (DeFi), non-fungible tokens (NFTs), and meme coins.

Long-Term Bitcoin Bullishness Remains

Despite the near-term caution, Terpin reiterated that institutional demand and global monetary conditions still support Bitcoin’s broader long-term trajectory. As he said:

“I have no change in the progress to a $1 million Bitcoin.”

That perspective has become more common across the industry as spot Bitcoin exchange-traded funds (ETFs) continue attracting capital and large firms expand their crypto offerings. Even so, analysts remain divided over whether the current cycle has enough spot demand to sustain another breakout attempt without first revisiting lower support levels.

At press time on May 12, BTC was trading at the price of $80,848.34, which indicates a 0.15% decline on the day, a gain of 0.1% across the week, and an increase of 12.7% accumulated over the past month, per the latest data.

All things considered, Terpin’s warning comes as traders closely watch macroeconomic developments and geopolitical tensions that continue driving volatility across both crypto and traditional financial markets.

The post Crypto Godfather Michael Terpin Shorts Bitcoin Despite $1M BTC Prediction appeared first on TechGaged.com.