Bitcoin (BTC) is “done” with drawdowns of 85% or more from all-time highs, says ARK Invest CEO Cathie Wood.
Key points:
– Wood argues Bitcoin will not see another correction of 85% or more versus its latest all-time high.
– A new prediction places $34,000 as the next BTC price bottom.
– Historical seasonality suggests a possible reversal in April.
Wood on BTC price: No more 85% “collapses”
In an April 1 interview on CNBC’s Squawk Box, Wood downplayed the threat of extreme crashes while acknowledging sizeable losses can still occur. “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, adding that the 85–95% collapses tied to an early-stage technology “are done,” calling Bitcoin a proven technology and monetary system and a new asset class.
Wood, a longtime Bitcoin bull, spoke as BTC hovered near its 2021 $69,000 highs. After those highs, Bitcoin entered a year-long bear market that saw BTC/USD fall nearly 80% to a low of about $15,600. Historically, bear markets have produced losses around the 80% range.
Onchain analytics from Glassnode show the current maximum drawdown versus Bitcoin’s $126,200 record from October 2025 is about 52%, not matching the deeper historical extremes.
Responding to Wood, analyst Tony Severino predicted a deeper 72% drawdown in 2026, equating to a $34,000 bottom. That level is lower than the more common trader consensus, which often places a generational floor between $40,000 and $50,000. Meanwhile, Bloomberg Intelligence’s Mike McGlone has warned prices could be trending toward seven-year lows.
Bitcoin historically rebounds in April
Network economist Timothy Peterson’s data suggest April can be an inflection month during bear phases, with charts showing April typically being a recovery month for Bitcoin in past downcycles.
March’s monthly close ended a five-month losing streak for BTC/USD, producing modest gains of about 1.8%.
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