Bitcoin Reclaims $70,000. Cathie Wood Claims Near Potential Bottom, Will This Time Be Different?

TradingKey - Bitcoin price rebounds above $70,000; Cathie Wood calls a "potential bottom" again, but the reality may differ.

On Monday (February 9), Bitcoin ( BTC) price momentum has stalled, fluctuating near $70,000, with the current price at $70,487. Three days ago, Bitcoin's price dropped to $60,000 before staging a strong V-shaped recovery that same day.

Bitcoin price chart, Source: TradingView

Bitcoin prices typically vary slightly across different exchanges; however, a $5,000 gap emerged on the South Korean exchange Bithumb due to a major blunder during an airdrop campaign. The exchange mistakenly used BTC instead of Korean Won (KRW) as the reward unit, resulting in each participant receiving an extra $160 million. Although the exchange immediately took measures to recover 93% of the Bitcoin, some users had already completed selling and cashing out.

The Bithumb incident was the direct catalyst for Bitcoin's widening losses, but it was not the sole cause. According to Matthew Sigel, Head of Digital Assets Research at VanEck, the current plunge is driven by multiple factors, including the receding AI hype, threats from quantum computing, leverage collapses, miner sell-offs, and the four-year cycle, making it even more difficult to determine a market bottom.

However, Tom Lee, Chairman of the Ethereum treasury company BitMine ( BMNR ), holds a different view, stating in an interview that "the crypto market may be bottoming out; current signs suggest this possibility, especially considering that MicroStrategy ( MSTR) has rebounded by approximately 25%."

Additionally, ARK Invest CEO Cathie Wood also believes the crypto market is hitting a bottom, stating, "Regardless of whether a four-year cycle exists, the market has indeed experienced a significant decline and is currently approaching a potential low area identified by many technical analysts." On December 14, 2025, Wood had also predicted a bottom when Bitcoin's price dropped near $80,000; that prediction has since proven incorrect. Will this time be different?

Since the crash on February 6, "buy-the-dip" capital has been pouring in. The Binance SAFU fund has already purchased $700 million, completing 70% of its previously announced $1 billion plan. Furthermore, according to CryptoQuant data, over 60,000 BTC flowed into accumulation addresses on February 6, marking the largest single-day inflow since 2022. In the short term, Bitcoin's price is expected to rebound and strengthen; however, macroeconomic conditions do not support an escape from the four-year cycle bear market, and new lows are possible in the second half of the year.