Here is an idea:
Bull market ends when MSaylor raises $100 bil at 150k/btc (and with a 8% coupon), btc pumps to 200K at which point MSaylor releases the cash, btc jumps to 250K and a week after it is halved to $125K and in another week to $99K...MSTR stock is decimated (from $1000 high) 'cause MSTR has no cash flow to pay that coupon and the bear market "begins" in earnest.
Destination: 62-65K (the usual 75% off)
I agree that Saylor seems to be a bit of a gambler, including that he structures his buys on price rises, since that is when the investors are throwing money to him.
Nonetheless, I doubt that Saylor is going to put himself in a position to not have enough cash to service the various loans that his company undertakes and/or issues.
Sure, if the price quickly jumps from $150k to $250k, then there could be a deep dip that is possible, yet I am having my doubts about a 75% dip in those kinds of circumstances.. but I would not completely rule it out, even though I think that the odds of a 75% dip in your scenario (or perhaps a combination of other blow up scenarios) are pretty low. I would imagine that if we top at $250 then bottom would not get lower than a 65% dump, which would be around $87k-ish... but, yeah, what you are saying is not totally crazy, even though I have troubles considering that MSTR would blow up in the way that you say, even though there could be some other reason for MSTR to blow up or even some kinds of custodial problems involving MSTR, Coinbase, Blackrock and/or other ETF custodial issues.. or some combination of those kinds of cases in which some third parties do not have the coins they claim that they have.
Insert English plural "s" where needed.
The plural of bitcoin is bitcoin, so no "s" is needed.