Michael Terpin: Why Bitcoin’s Biggest Cycle Yet Could Be Coming

Watch on YouTube ↗  |  September 12, 2026 at 13:30  |  16:52  |  Milk Road Macro
Speakers
Michael Terpin — Founder & CEO, Transform Ventures

Summary

Michael Terpin explains his Bitcoin Super Cycle framework, arguing Bitcoin is still driven by four-year halving cycles and could eventually transition into a five-year supercycle. He also says gold and silver likely began a supercycle in 2023, describes how to trade Bitcoin's boom-bust seasons, and expects the stock market to rally parabolically into a possible 2029 peak alongside Bitcoin. He warns that the decade-end everything bubble eventually pops.

  • Terpin defines a supercycle as at least five years and says Bitcoin has not had one yet.
  • He says Bitcoin's halving cycle has repeatedly pushed prices higher between halvings.
  • He expects the next halving price to exceed $63,900 and possibly double.
  • He believes gold and silver likely entered a commodity supercycle in 2023.
  • He highlights buying Bitcoin when it breaks its old all-time high and trading its fall season.
  • He expects the stock market to peak at unforeseen levels around 2029 with Bitcoin.
  • He cautions that the everything bubble and decade-end cycle eventually pop.
Ideas
Michael Terpin Founder & CEO, Transform Ventures 1:17
Bitcoin rises over four-year halving cycles
Terpin says the halving cycle is the fundamental driver of Bitcoin price and believes it will continue for at least 20 years. Because new money entering the ecosystem between halvings has exceeded issuance inflation, Bitcoin rose from $12 to $670 to $8,700 to $63,900 at successive halvings; he expects the next halving price to be higher than $63,900, possibly around double, and sees Bitcoin as the best-performing asset class over the next decade or two.
BTC HIGH
Michael Terpin Founder & CEO, Transform Ventures 3:27
Gold and silver are in supercycle
Terpin says gold and silver are probably already in a commodity supercycle that began in 2023, driven by heavy money printing and monetary debasement, with changing scarcity and new buyers supporting the move. He does not know how long it will run but calls the setup pretty concrete and says he would have invested hard into gold after writing about a money-printing supercycle.
GLD SILVER HIGH
Michael Terpin Founder & CEO, Transform Ventures 5:38
Stock market likely parabolic into 2029
Terpin expects the stock market to follow its 10-year cycle pattern and produce a parabolic rally, peaking at unforeseen levels in 2029 around the same time Bitcoin likely peaks. He frames this as part of an everything-bubble and money-printing environment, though he also warns the decade-end bubble eventually pops.
Stock Market MED
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This Milk Road Macro video, published September 12, 2026, features Michael Terpin discussing BTC, GLD, SILVER, Stock Market. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Michael Terpin  · Tickers: BTC, GLD, SILVER, Stock Market