As Bitcoin (BTC) holds the crucial $65,000 to $66,000 area, Ark Invest CEO and CIO Cathie Wood has discussed the flagship crypto’s current downturn, affirming that the era of severe pullbacks is over.
50% Bitcoin Correction Could Be A ‘Real Victory’Wood said that Bitcoin is a “proven technology” and a “proven monetary system,” adding that the industry is “seeing now is the institutionalization of this new asset class that has had a very low correlation with other asset classes.” Therefore, “the 85%, 95% collapses associated with a very new technology, that’s done.”
To the CEO, the ongoing market correction, which has reduced Bitcoin’s value by nearly half from its October peak, could be viewed as a “real victory” rather than a sign of weakness for the Bitcoin community, as it would mark a significant decline from its historical crashes during previous bear markets.
She previously asserted that growing institutional adoption will be a powerful driver for long-term value for the flagship crypto, adding that it has only begun. “Institutions really have just dipped their toes into this space. We have just started, so we have a long way to go,” she stated.
Analysts Say BTC Bottom Is Much LowerDespite Wood’s outlook, other market analysts have forecasted much lower targets for BTC’s bottom. Recently, Bloomberg senior strategist Mike McGlone suggested that a “bursting crypto bubble” scenario is looming for the leading cryptocurrency.
Market watcher Crypto Jelle recently pointed out that the cryptocurrency’s bear market lows have historically formed below the Fibonacci 0.618 retracement levels, which could place BTC’s bottom below the $57,000 area.
The analyst explained that the crossover between BTC’s 50 and 200 Simple Moving Averages (SMAs) has historically signaled the bottom of every major cycle over the past twelve years.
As he detailed, the crossover has consistently marked the start of the final leg down before the next bull market, with the price declining another 50% when the 50- and 200-SMAs crossed in previous cycles.
Notably, Bitcoin has seen a 52% correction from its October 2025 peak, and the SMAs crossed over on February 27, which could suggest that another major correction is due, if history repeats.
