the fact that MSTR is willing buy BTC at the "top" proves their conviction in the long term viability of BTC. imo, I think the markets are overreacting and MSTR is currently oversold. they see the dilution as a bad thing (besides the convertible debt), but that's literally the only way MSTR can accumulate more BTC over time. so I don't get the bearish sentiment for MSTR.

MSTR investors should WANT Saylor to do an ATM anytime the mNAV premium is over 1 to increase BTC yield %

time will tell if MSTR and the MSTR bulls are right, but I think long term, MSTR is going to be just fine.

I'm not too sure of the short term TA indicators, but long term fundamentals for MSTR are sound. their strategy is legit, and any rational investor who is bullish on BTC should be bullish on MSTR.

of course, if you don't believe in BTC, then you should short or buy puts on MSTR no problem. but to hope MSTR fails if you are a BTC believe makes little sense to me.

one can make the argument that MSTR will be too centralized by trying to get 2% of the total supply, but it's a free market and if you don't like that, then buy more BTC and drive the price up so MSTR can't do it

in any case, BTC will be fine long term. MSTR will be fine long term