MicroStrategy ($MSTR) faces potential downside risk as Bitcoin experiences a 5-10% pullback, with $MSTR possibly dropping 20-25%. Short sellers of $MSTR are under pressure due to its high short interest. Analysis suggests limited upside for new investors in $MSTR compared to other Bitcoin miners like $CLSK, $CIFR, $IREN. Despite both $MSTR and Bitcoin mining stocks being down, $MSTR outperforms the latter. JPMorgan warns that MicroStrategy's substantial Bitcoin purchases using debt could exacerbate future market downturns.