Bitwise analyst: "Bitcoin's biggest pain point" lies between Strategy's cost price of $73,000 and BlackRock's IBIT cost price of $84,000.

According to André Dragosch, Head of European Research at Bitwise, the key pain point for Bitcoin's price (i.e., the main cost base level for institutional investors, which is currently determining the bottom of this cycle) is mainly located between BlackRock's IBIT cost base price of $84,000 and Strategy's (formerly MicroStrategy) cost base price of approximately $73,000.

Dragosch points out that Bitcoin's final cyclical bottom typically occurs near price levels where large institutional buyers face the greatest declines. These price levels often mark what he calls "sell-off pricing"—the moment of a price crash. The market undergoes a complete reset, forcing sellers to yield.