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Strategy Inc (NASDAQ:MSTR) shares are trading lower Thursday in tandem with a drop in Bitcoin (CRYPTO: BTC), with crypto-linked stocks declining as traders debate whether Bitcoin’s typical four-year halving cycle is weakening or completely coming undone.
What Happened: According to analyst Scott Melker, Bitcoin’s prior market peaks took place between 1,060 and 1,070 days following a significant cycle low. Even though the market is now about 1,080 days past its previous low, there hasn’t been a period of euphoria, altcoins are still quiet, sentiment is negative and many investors left the market early.
Melker hypothesized that traders might have diluted the impact of the cycle by front-running it. Bitcoin may enter a mature, liquidity-driven phase that lasts until 2026 after that early selling subsides.
The company last month released its third-quarter results. Strategy expanded its holdings to 640,808 bitcoin. As of Oct. 26, 2025, the company has generated a 26.0% Bitcoin Yield and a $12.9 billion Bitcoin Gain so far this year.
MSTR Price Action: Strategy shares were down 5.90% at $211.35 at the time of publication on Thursday. The stock is trading near its 52-week low of $219.68, according to Benzinga Pro.
Analyst ratings for MicroStrategy have been inconsistent lately. On Nov. 10, Monness, Crespi and Hardt changed the company’s rating from Sell to Neutral. Both Canaccord Genuity and HC Wainwright & Co. kept their Buy rating on the company as of Nov. 3. However, Canaccord Genuity increased their target price from $464 to $474, while HC Wainwright & Co. decreased it from $521 to $475.
Cantor Fitzgerald and TD Cowen both kept their favorable MicroStrategy ratings as of Oct. 31. TD Cowen reduced their target price from $620 to $535 while maintaining their Buy rating. Despite lowering their target price from $697 to $560, Cantor Fitzgerald maintained their Overweight rating.
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