Cathie Wood Sees No More 85% Bitcoin Price Drawdowns Versus All-Time Highs
Cointelegraph
Cathie Wood believes Bitcoin is unlikely to experience 85% price drops from its all-time highs again, predicting a potential bottom at $34,000.Summary
ARK Invest CEO Cathie Wood stated that Bitcoin is “done” with 85% or more drawdowns from its all-time highs, citing its evolution as a proven technology and monetary system. She noted that a 50% correction would be considered a victory by the Bitcoin community. This comes as Bitcoin revisits its 2021 highs, preceded by a bear market where it lost nearly 80% of its value. Analyst Tony Severino predicts a 72% drawdown, equating to a $34,000 bottom, exceeding the $40,000-$50,000 consensus. Data suggests April could be a turning point, historically showing recovery during bear markets, and March ended a five-month losing streak with modest gains.
(Source：Cointelegraph)