TLDR
- Strategy faces $900M unrealized loss as Bitcoin falls below key support levels.
- Peter Brandt warns that Strategy investors may abandon ship amid BTC slump.
- MSTR stock is down 72% from its $543 peak reached in November 2024.
- Brandt’s chart shows BTC may drop to $54,059, risking further investor losses.
Peter Brandt, a veteran chart analyst, has issued a warning regarding the future of Strategy shareholders. On February 2, 2026, Brandt posted a chart analysis on X (formerly Twitter) questioning how long investors in Michael Saylor’s firm will remain committed.
When on this journey will investors want to start jumping from the Sayl_boat? $BTC
MS will do just great, but what about his investors? pic.twitter.com/eJDt9XVy18— Peter Brandt (@PeterLBrandt) February 2, 2026
“When on this journey will investors want to start jumping from the Sayl_boat? $BTC,” Brandt wrote. He added that while Michael Saylor may stay confident, public investors may not share the same level of patience if losses grow.
$900 Million Unrealized Loss for Strategy
Strategy, formerly known as MicroStrategy, is facing heavy pressure due to its large Bitcoin holdings. The company currently holds 712,647 BTC. According to on-chain analytics platform Lookonchain, the firm’s position has slipped into an unrealized loss of more than $900 million.
Despite Strategy’s long-term holding strategy, the decline in Bitcoin’s price is testing investor tolerance. Strategy has become known for tying its business model closely to Bitcoin, which has made its stock a high-beta proxy for the cryptocurrency.
Stock Performance Shows Continued Decline
Strategy’s stock (MSTR) has seen a steep decline in recent months. The share price is now down 72% from its all-time high of $543, recorded in November 2024. The stock has also recorded losses for seven straight months.
This extended downturn has raised concern among analysts and investors. Those who bought MSTR as a leveraged bet on Bitcoin may start selling if Bitcoin continues to slide and the unrealized losses grow.
Bearish Technical Chart Suggests $54,000 Bitcoin Target
Brandt’s chart includes a bearish forecast for Bitcoin, with a potential drop to $54,059.60. The chart shows a breakdown from a “bear flag” formation, a pattern often associated with continued downtrends.
This projected price would mark a 28% decline from current levels. If this plays out, Strategy’s Bitcoin reserves could move deeper into loss territory, placing additional stress on investor sentiment and stock performance.
Brandt’s comments come during a pivotal time for Strategy, as the company navigates its most volatile period in 2026 so far. While the firm remains committed to its Bitcoin strategy, market watchers and shareholders are now watching closely.
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