Strategy Inc. (NASDAQ:MSTR) crashed below $90 on Thursday, breaking a price floor that held for over two years as analysts argue Michael Saylor himself is now blocking Bitcoin’s (CRYPTO: BTC) next major rally.

A Floor That Held For Two Years Just Gave Out

MSTR had bounced off the $100 zone every time it dipped there for more than two years.

Wednesday marked the first close below that level since early 2024, with both common stock and STRC preferred shares hitting 52-week lows on the same day.

MSTR tumbled further on Thursday, losing the $90 level in another sell-off.

Monday’s $300 million cash raise was supposed to stabilize STRC. Three days later, the preferred stock printed a fresh low anyway, signaling the market doesn’t believe cash alone solves the underlying problem. 

The deeper issue is a feedback loop: the more MSTR falls, the less capital Michael Saylor has to buy more Bitcoin or service existing obligations, even though the company currently holds roughly 10 months of debt coverage with its current cash pile.

The ‘Soros-ification’ Theory Gaining Traction Among BTC Bulls

Travis Kling laid out a theory that sophisticated Bitcoin bulls may be deliberately working to collapse MSTR’s capital structure, forcing a sale of its Bitcoin holdings. 

His logic: Saylor’s outsized influence has impaired Bitcoin’s broader value proposition, and getting MSTR to hold far less BTC, or none at all, may be the only path to a fresh all-time high. 

Anyone who pulls this off by shorting MSTR and flipping long on Bitcoin near the lows could profit in the billions.

Pseudonymous trader Kook argued no liquidation scenario actually exists for Saylor since Strategy holds over $50 billion in assets against just $8 billion in debt and preferred obligations. 

Instead, Kook believes Bitcoin would need to fall toward $10,000 before he would voluntarily unwind the position himself.

MSTR’s Chart Shows Extreme Oversold Conditions With No Confirmed Bottom

MSTR trades 52.5% below its 200-day moving average, with the October 2025 death cross still firmly in place. 

RSI sits at 26.14, an oversold reading that often precedes bounces but can also persist through extended downtrends.

The prior 52-week low near $92.28 now acts as overhead resistance after the breakdown, while $90.28 marks the current pivot where buyers are attempting to stabilize price. Losing that level with no quick reclaim keeps the chart in sell-the-rip territory.

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