Bitcoin‘s November decline was one of the sharpest and most prolonged this year. Now the flagship kriptovalyuta is trading near the $83,000 mark, and market participants are wondering what level might become the bottom for this cycle.
According to Andre Dragos, head of research at Bitwise Europe, two levels currently define the likely end points of the Bitcoin sell-off.
The first is at around $84,000, which is the average entry price into BlackRock’s IBIT, the world’s largest spot bitcoin ETFThe second is lower, at approximately $73,000, which corresponds to the estimated value of the assets of the largest corporate holder of Bitcoin, Strategy Inc.
Dragosh argues that a retest of any of these zones could lead to a «clearing» of the entire cycle, resulting in the removal of any remaining leverage from the market, with a definitive bottom forming somewhere in the middle. He called these areas «sale prices,» which would lead to a massive liquidation of speculative positions accumulated throughout 2025.
If Bitcoin If the market continues to follow the mechanics of previous cycles, the final collapse typically occurs shortly after reaching «maximum pain levels.» Dragosh’s model suggests that the capitulation zone is currently just below current prices, and the range of $84,000 to $73,000 is the area where long-term investors can begin absorbing supply.
It is unclear whether the bottom will form at the upper limit or at a deeper cost level, but analysts agree on one thing: the next big jump will likely determine the further course of the cycle.