Although this appears to be a spike, it will be on a severely stressed plant. I see no new growth as should occur each year.

An orchid will bloom itself to death so after it is through blooming (
and I would not let the spike stay on the plant more than a couple of weeks for the sake of the health of the plant) take steps to properly repot it and get it in serious growth mode!
Do not attempt to stake it upright! You have not said what the name of the plant is and perhaps you have no tag, but for now, it wants to be pendulous and I urge you to let it do so!
Cym Ladye