After reading my article, take a moment to look at the atmosphere on X. Click on the accounts that talk about STRC but always end with the same conclusion: "Things are difficult right now, but everything will be fine in the end." Or accounts that keep repeating similar arguments. There is a high probability that these accounts are connected to Strategy in some way — whether as shareholders, investors in preferred stocks such as STRC or STRK, industry participants with a vested interest, or simply accounts displaying the familiar orange branding somewhere on their profile. Under the current circumstances, the rational response would be to raise concerns and ask tougher questions of Strategy and Saylor. But that isn't happening. Because right now, more than anything else, this is a situation where they simply cannot afford to be wrong. The psychology I see today is not very different from what we saw during the early stages of Bitcoin's decline after the previous market top (the red box). When you decide on the answer first and analyze the data afterward, almost any data can be interpreted positively. Because the opposite conclusion is not allowed. So people keep saying everything is fine. 'They say nothing is wrong.' 'They say there is no problem.' And eventually, the situation reaches a point where it can no longer be controlled. Most Bitcoin bear markets have followed this exact pattern. People refuse to acknowledge warning signs even when they are right in front of them. And in the end, many fail to react and become trapped near the top. Some people look at the data and try to remain objective. Others, who have a stake in the outcome, inevitably end up repeating the same narrative. That is why I do not believe the current mood is likely to lead to a positive outcome.(mignolet)