The CEO of ARK Invest, Cathie Wood, said Bitcoin has matured into a proven asset and “won’t face an 85% price correction” from its new all-time high, during a Squawk Box interview with CNBC. Her remarks counter forecasts from some analysts who expect extreme downside, with price targets below $40,000.
Bitcoin was trading near $67,000 at the time of the interview, about 47% below its ATH of $126,500. The coin has largely held up amid the crisis in the Middle East, though some worry holders could still capitulate; bottom estimates range from roughly $30,000 to $56,000.
Wood argued Bitcoin has evolved “from very new tech” into “a proven technology, a proven monetary system, and a new asset class.” She pointed to growing institutional adoption, declining correlation with other assets, and a strengthening price floor as signs of maturation.
“Because you’re right; the 85–95% collapses associated with a very new technology — that’s done,” she said. “This is a proven technology, it’s a proven monetary system, and it’s a new asset class.”
Historical cycles show large early drawdowns: in the 2016–2018 cycle Bitcoin fell from about $20,000 to $3,000 (around a 90% decline), and in 2020–2022 it dropped from a $69,000 peak to roughly $15,600 (about a 76% decline). This year the largest observed drop has been about 52% when the market bounced back from the $60,000 level. Wood highlighted the lower volatility across cycles as evidence of maturation, adding that many in the Bitcoin community would view a 50% drawdown as a relative victory.
On potential lows in the current cycle, analysts disagree. Willy Woo has modeled a bottom between $46,000 and $54,000 in the coming months, while Ali Charts has suggested long-term support around $54,000. Skeptics such as Peter Schiff continue to predict much lower levels, with targets as low as $10,000.
