Bitcoin steadied around $72,000 Thursday after a 6% rally Wednesday, but the world's largest cryptocurrency faces more pain ahead. Spot Bitcoin ETFs have drawn about $1.1 billion in net inflows over three trading sessions, with BlackRock's IBIT accounting for $306.6 million on March 4 alone, according to data from ETF trackers.

Despite this recent rebound, Bitcoin declined for five consecutive months from October through February, marking its longest losing streak in years. Michael Terpin, dubbed the "Godfather of Crypto" by CNBC, told Investing.com that Bitcoin's four-year cycle suggests further weakness is likely. The cryptocurrency veteran expects Bitcoin to fall to around $50,000 at capitulation, representing a 60% drop from its bubble top.

Terpin attributes the current weakness to the lingering effects of the halving and warns that macro forces have only accelerated the downturn rather than changing its trajectory. He predicts April will be another negative month before Bitcoin finds its bottom. By year-end, Terpin sees Bitcoin trading between $80,000 and $100,000, with the path to recovery being slow. The entrepreneur maintains his long-term view that Bitcoin will reach $1 million by 2037, though not in a straight line.