André Dragosch, Head of Research at Bitwise Europe, has outlined a critical price range for Bitcoin—between $73,000 and $84,000—which he calls its likely max pain zone. This zone reflects price levels where the most investor losses might occur, often leading to heightened market volatility or even a cycle bottom.
Understanding the Significance of the $73K to $84K Range
According to Dragosch, the $84,000 mark represents the average acquisition cost of BlackRock’s spot Bitcoin ETF, IBIT. Meanwhile, MicroStrategy, the largest corporate holder of Bitcoin, has a cost basis of around $73,000. These levels are significant because they represent breakeven points for major institutional players.
If Bitcoin drops to either of these price points, it could cause panic among late entrants or leveraged investors. This scenario could trigger a final wave of selling—a “clear-out” phase typical at the end of a crypto cycle—before the market resets and regains strength.
Bitwise Europe research head André Dragosch said Bitcoin’s potential max-pain zone likely lies near $84,000, the average cost of BlackRock’s IBIT, or around $73,000, MicroStrategy’s cost basis. He noted that reaching either level could mark a cycle “clear-out” and potentially the…
— Wu Blockchain (@WuBlockchain) November 21, 2025
Potential Indicator of a Cycle Bottom
Dragosch emphasized that reaching the max pain zone could indicate a turning point. Historically, such levels have often preceded a strong recovery, as over-leveraged participants exit and long-term holders re-enter with confidence.
For retail and institutional investors alike, keeping a close eye on the $73K–$84K range may offer crucial insight into Bitcoin’s next major move. Whether this becomes the new support zone or a trapdoor depends on how markets react to macro factors and investor sentiment in the weeks ahead.

