Bitcoin (BTC) is “done” with drawdowns of 85% or more from all-time highs, says ARK Invest CEO, Cathie Wood.
Key points:
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Bitcoin will not see another correction of 85% or more versus its latest all-time high, Cathie Wood argues.
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A new prediction sees $34,000 becoming the next BTC price bottom.
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Bitcoin bear-market seasonality hints that a reversal could come this month.
Wood on BTC price: No more 85% “collapses”
In an interview with CNBC’s Squawk Box segment on April 1, Wood stayed calm about double-digit BTC price losses.
“Believe it or not, in the Bitcoin community, down 50% — if that’s as far as it goes — they’ll consider that a real victory,” she said.
“Because you’re right; the 85-95% collapses associated with a very new technology — that’s done. This is a proven technology, it’s a proven monetary system and it’s a new asset class.”
Wood, a longtime Bitcoin bull, was speaking as Bitcoin circled its old $69,000 all-time highs from 2021.
Those preceded a year-long bear market in which BTC/USD lost nearly 80% before bottoming at $15,600. That marked the latest such correction, with bear markets typically bringing losses around the 80% mark.
Data from onchain analytics platform Glassnode shows that the current bear market has yet to match historical patterns with maximum downside versus Bitcoin’s $126,200 record from October 2025 at 52%.
Responding to Wood, analyst Tony Severino predicted that 2026 would bring a price bottom equal to a 72% drawdown.
“Correct, -72% max drawdown next =$34,000,” he wrote on X.
That figure exceeds commonly held predictions by traders for where Bitcoin’s next generational floor will be. As Cointelegraph reported, consensus favors the area between $40,000 and $50,000.
This week, however, Bloomberg Intelligence analyst Mike McGlone warned that price may already be trending toward seven-year lows.
Bitcoin historically rebounds in April
Continuing the bear-market comparison, data from network economist Timothy Peterson revealed that April could mark some form of inflection point for price.
Related: Bitcoin risks new lows as US dollar targets highest level since April 2025
A chart uploaded to X this week shows April typically being a recovery month during bearish phases.
The March monthly close, meanwhile, ended a five-month losing streak for BTC/USD with modest gains of 1.8%.
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