Watering on Monn. Millennium Magic "Witchcraft" with spike AND new growth?!

[nzadro]

Hi everyone,

Monn. Millennium Magic "Witchcraft" is my first Catasetum type hybrid. I did all the reading before getting it to have an understanding on its care. One thing I did not foresee is the bulb spiking AND a new growth coming in. (Pictures attached if anyone can confirm this is was is actually happening.) I will add that there are still three leaves on the bulb (one is starting to yellow, but the other two are green).

I am stumped on what to do. Do I have to choose between continue watering for the blooms and the new growth possibly rotting; or just leaving it dry so the new growth comes in & start watering again when I see strong roots? OR can I have both?

Setting: I grow this in an enclosed orchidarium setting under LEDs.