André Dragosch of Bitwise Europe said Bitcoin’s max-pain zone may be near eighty-four thousand dollars, BlackRock’s IBIT average cost. He also noted it could be around seventy-three thousand dollars, the cost basis for MicroStrategy.
These levels represent the prices where major institutional holders have accumulated Bitcoin, and reaching them could trigger a market “clear-out,” potentially signalling the final bottom of the cycle.
Understanding the Max-Pain Zone
The concept of a max-pain zone comes from the idea that market stress peaks at certain price levels. For Bitcoin, this zone reflects where influential investors have invested the most, meaning any significant price move toward these points can result in heavy selling or buying pressure. If the price nears $84k or $73k, investors who bought at these levels may be motivated to sell to break even or cut losses. This process can cleanse weaker hands from the market and create a foundation for the next bullish phase.
FWIW —
Think max max pain is reached the moment we tag either the IBIT cost basis at 84k or MSTR cost basis at 73k.
Very likely we’ll see a final bottom somewhere in between.
But these will be fire sale prices and akin to a full cycle reset imo.
— André Dragosch, PhD⚡ (@Andre_Dragosch) November 19, 2025
A real-world example is MicroStrategy, which famously holds tens of thousands of Bitcoin. The company’s average purchase price of around $73k becomes a psychological anchor for the market. When Bitcoin approaches this level, both institutional and retail traders monitor for signs of capitulation or accumulation. Historical trends show that previous Bitcoin bottoms often occur near large institutional cost bases, underscoring the relevance of these max-pain zones.
All eyes on MicroStrategy:
MicroStrategy, $MSTR, is now down -40% over the last month and -68% from its a record high.
They now hold 649,870 Bitcoin at an average price of $74,433.
In other words, if Bitcoin falls another 15%, MicroStrategy’s position will turn red.
Can… https://t.co/Oa2gieaEVy pic.twitter.com/u8uW7XeYIe
— The Kobeissi Letter (@KobeissiLetter) November 20, 2025
Trends and Market Implications
Recent market trends suggest heightened attention on institutional holdings. BlackRock’s IBIT, which averages about $84k, shows that large-scale investment products influence broader market sentiment.
Institutional investors now hold 40% of $BTC–#ETF‘s
And this is still a conservative estimate, because only companies with over $100 million in assets under management have to report these holdings at all. pic.twitter.com/8j3zdRZ2Fg
— Phoenix Crypto 𓅓 (@PhoenixCrypt01) November 21, 2025
Data from the past three Bitcoin cycles indicate that when prices approach major institutional entry points, volatility spikes, and liquidity events often follow. For investors, understanding these zones can provide insight into potential risk and reward scenarios. It also emphasises that market bottoms are often shaped as much by psychology and positioning as by technical factors.
Disclaimer
The information provided by Altcoin Buzz is not financial advice. It is intended solely for educational, entertainment, and informational purposes. Any opinions or strategies shared are those of the writer/reviewers, and their risk tolerance may differ from yours. We are not liable for any losses you may incur from investments related to the information given. Bitcoin and other cryptocurrencies are high-risk assets; therefore, conduct thorough due diligence. Copyright Altcoin Buzz Pte Ltd.
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This articles is written by : Fady Askharoun Samy Askharoun
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