MSTR, a Bitcoin proxy, has underperformed BTC, its MNav has compressed. Preferred share instruments and broader credit markets may influence the mNAV. A bear market could see MSTR at $95-$101. However, a bull market, assuming Bitcoin reaches $130,000, could drive MSTR to $539-$1,068, depending on the mNAV and future dilution. The monthly vs yearly moving average cloud is rolling over, and the Alpha Flow indicator flashes a bearish signal. The 155-day VWAP cost bands show MSTR in a buying opportunity zone.