A bull market is created out of doubt.

Not all of it is doubt—it's the majority people's doubts. Put more plainly, it's the doubts of most retail investors.

By the time most retail investors stop doubting and start truly believing that a bull market is here, the first big leg up is often already close to its end.

Then the next weekly-level pullback will make them doubt again: Has the bull market already ended?

When those who doubt start to become more numerous again, the market begins moving forward once more.

Back and forth like this. A bull market is born amid doubt, and it often ends with conviction.

As shown in Figure 1, the MSTR monthly-level correction may have ended on June 27, 2026. This is a correction at the monthly timeframe. After the monthly-level correction ends, the market moves up on the monthly timeframe.

The most asked question lately in the group and the comments is: “Is there still a chance?” To that I want to say: there is no rally that never pulls back, and no drop that never bounces back. (If there is, that means the trend in this rally/drop is so strong that the same-level pullback/bounce in the opposite direction is not as obvious.)

When will this MSTR rally end? The mainstream view is that this rally is about to end, so many teachers in the market are already gearing up to go short or have already gone short. That’s unreasonable, but understandable. The reasons are as follows:

First, as shown in Figure 2, it looks like the daily-chart uptrend structure that started from 81.81 is already complete; this rally could end at any time, or it may have already ended, followed by a daily-chart level pullback.

Second, you missed the chance and are stuck watching the market over the past few months—your mindset has been affected.

Based on the structure breakdown in Figure 2 and the mindset distortion caused by missing the move, going short actually seems reasonable.

But what if the real structural breakdown is truly as shown in Figure 3? Then the teachers who are going short in the near term might all become fuel for the rally, because the new daily-chart level uptrend that started on September 17 is running now; the adjustment shown by the blue segment has already ended.

Personally, I believe MSTR’s rally that started on September 17 will not end in the short term—at least it hasn’t ended yet. This applies not only to MSTR, but also BTC, ETH, and other crypto-related concept stocks; they all fall under this view.

MicroStrategy is watching 151 in the short term. As long as that level doesn’t break down, it still has momentum; if it breaks down, then it becomes the pullback for the rally that started on September 17.

The recent overhead resistance level is 172.4, and the weekly resistance level is 255–278.

If September 17 is the start of a new daily-chart level uptrend, then friends who missed the earlier move have two choices. First, look for an opportunity on a smaller timeframe to enter and profit from the currently running daily uptrend—of course, this comes with significant psychological pressure, because there’s always a mistaken sense of chasing highs, and if you can’t control your position size, it’s hard to hold on.

The second option is to simply wait for the entire rally to finish. After the pullback for it begins, then look for an opportunity to enter. This rally, together with the 81.81–144.91 rally segment, forms a weekly-chart level uptrend. This means we still need to wait for some time.

If you’re afraid of missing the move, you don’t fear being trapped; if you fear being trapped, you can’t also fear missing the move—sugarcane can’t have sweetness on both ends. Our main reason for bravely adding to a basket of crypto targets on September 19 was that we had already done the psychological preparation—no acceptance of missing the move, and we were ready for the possibility of being trapped.

Some friends might say, “Because you had a bottom position in June/July, so your average price is not that high when you add here.” That argument is completely wrong. Even if I didn’t have a base position, on 9.19 I would still add—possibly even more positions, precisely because I don’t have a base position. Since the trend has formed, and I understood the trend and made a strategy and controlled the position sizing, I won’t be afraid. Every rally is a reward for me.$BTC