The bankruptcy of MicroStrategy (MSTR) is a "nuclear scenario" for the crypto market. If Michael Saylor does not hold the position, the price of $20,000 will become not just real, but almost inevitable.

Here’s how the mechanics of this collapse looks:

Breaking point: $75,000 – $76,000

This is the average entry price for MicroStrategy as of early 2026.

The problem is not the price, but the debts: Saylor bought bitcoins with borrowed money (through the issuance of convertible bonds). If BTC falls significantly below the entry price, the company faces issues with debt servicing and a decline in its own shares.

Pressure from shareholders: During a prolonged decline below $60,000, MicroStrategy investors may demand to lock in losses or change strategy, forcing the company to start selling.