Cathie Wood says Bitcoin is done with 85% crashes; new $34,000 price target

Bitcoin is “done” with the kind of drawdowns of 85% or more from all-time highs, according to ARK Invest CEO Cathie Wood, who argued that the worst “collapses” associated with the early stage of the asset are no longer likely.

Wood: No more 85% “collapses”

In an interview with CNBC’s Squawk Box on April 1, Wood said she expects investors to view even large declines differently than in Bitcoin’s earlier cycles.

“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.

Wood added that the 85%–95% collapses tied to Bitcoin’s early technology phase are “done,” describing Bitcoin as a “proven technology,” a “proven monetary system,” and a “new asset class.”

Context: Prior bear market and historical drawdowns

Wood’s comments came as Bitcoin traded near its 2021-era all-time highs around $69,000. That period was followed by a year-long bear market in which BTC/USD fell nearly 80% before bottoming at $15,600.

That decline represented the latest correction of the same magnitude, with bear markets typically bringing losses around the 80% mark.

Current drawdown vs. historical pattern

Onchain analytics data cited from Glassnode suggests the current bear market has not yet matched historical maximum downside. The maximum drawdown is reported at 52% versus Bitcoin’s $126,200 record from October 2025.

Next potential bottom: $34,000

Responding to Wood’s view, analyst Tony Severino predicted a 2026 bottom based on a maximum drawdown of 72%, writing: “Correct, -72% max drawdown next =$34,000.”

The $34,000 level is described as higher than some trader expectations for Bitcoin’s next “generational floor.” Cointelegraph reported that market consensus has generally favored a range between $40,000 and $50,000.

Seasonality and timing signals

Additional commentary referenced bear-market seasonality suggesting a potential reversal could occur this month. Network economist Timothy Peterson highlighted data indicating April has historically acted as a recovery month during bearish phases.

A chart shared on X was cited to support the idea that April may serve as an inflection point for price.

Recent price action and market notes

Separately, the March monthly close for BTC/USD ended a five-month losing streak with modest gains of 1.8%.

In the same broader discussion, Bloomberg Intelligence analyst Mike McGlone warned that Bitcoin’s price may already be trending toward seven-year lows.