Bitcoin 'done' with 85% crashes, says Cathie Wood amid new $34K target

Bitcoin (BTC) is “done” with drawdowns of 85% or more from all-time highs, says ARK Invest CEO, Cathie Wood.

Key points:

• Bitcoin will not see another correction of 85% or more versus its latest all-time high, Cathie Wood argues.

• A new prediction sees $34,000 becoming the next BTC price bottom.

• 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%.

BTC price drawdowns from all-time highs. Source: Glassnode

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 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. 

Bitcoin bear-market price comparison. Source: Timothy Peterson/X

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