Bitcoin has lost over 50% of its value in recent months, prompting bearish calls from analysts. Richard Farr, chief market strategist at Pivotus Partners, has set a $0 price target on the cryptocurrency, citing its failure as a medium of exchange and environmental concerns. Farr specifically criticized Michael Saylor's control over Bitcoin's float, stating that "no serious central bank will ever own something where Michael Saylor controls the float."

MicroStrategy (formerly Strategy) has been particularly hard hit, with its stock down 70% from its 52-week high. The company holds 713,502 Bitcoins on its balance sheet with an average cost of $76,000 per coin, leaving it deeply underwater as Bitcoin trades below that level. Michael Burry has also warned about the company's speculative Bitcoin bets, suggesting another 10% crash could spell trouble for MSTR.

The company reported a staggering -193% drop in EPS for the last quarter, reflecting Bitcoin's price decline. Despite this, 13 of 16 analysts maintain a "Strong Buy" rating on the stock, with H.C. Wainwright recently raising its target from $500 to $540. This bullish sentiment persists even as MSTR has lost nearly 80% of its value while Bitcoin has dropped only 50%, highlighting the additional risks investors face with the leveraged Bitcoin play.