Cathie Wood says Bitcoin’s 85% crash era is over

Cathie Wood says the era of 85–95% drawdowns in Bitcoin (BTC) is over. She frames a 50% pullback as a “real victory” as adoption and institutions grow.

Wood calls Bitcoin a “proven technology” and “proven monetary system.” She says institutions are entering a low-correlation asset and “that’s done” for the 85–95% crashes. Source: her CNBC Squawk Box segment shared on X here.

She cut her 2030 target from $1.5M to $1.2M last year. She still sees BTC as a store of value and global settlement layer, with institutional demand “just starting.” Details: NewsBTC recap of Wood’s 2030 view.

Other analysts flag deeper downside risk.

• Mike McGlone, Bloomberg: warns of a “bursting crypto bubble” scenario. Sees a potential drop toward $10,000, a level heavily traded pre-2020. Source: NewsBTC on McGlone’s call.
• Ali Martinez: expects a final 40%–50% correction toward $30,000–$40,000 before the next bull leg. Cites the 50/200 SMA crossover as a historical bottom signal. Source: NewsBTC on Martinez’s analysis.

“Institutions really have just dipped their toes… We have just started,” Wood says. The debate now is the scale of the next leg down versus a maturing market with smaller crashes.