Jiang Zhuoer, one of China’s best-known bitcoins miners and founder of the LeBit mining pool predicted that the current bear market will bottom out in the fourth quarter at around $42,000-$44,000.
The forecast, made in Chinese on X, puts the low about 30% below bitcoin’s current level near $60,700 and rests less on the cryptocurrency’s performance than on Strategy, the largest corporate holder of the token, according to an automated translation.
Jiang analyzed the Strategy’s market net asset value (mNAV), the relationship between the company’s share price and the value per share of the bitcoin it holds, which has fallen to 0.72. A number above 1 means investors value the company at a premium to its bitcoin stack; below 1 means they value it at less.
Jiang’s numbers have the market price strategy about 28% below the bitcoin it owns, a sign of deep pessimism about the trade.
《对本轮BTC熊市见底时间& price forecast》
【important long-term prediction sticker】MSTR’s mNAV已路在0.72了【图1，图3】，
（mNAV= stock price/每股含BTC value value比值，representative of 美股国院对MSTR market sentiment，higher than 1 for bubble high valuation，lower than 1 for悲观低
上上一轮牛市2022年5月11日的游戏点0.7【图2】.
According to the recent STRC 大自脱锚等场场旅行事件，… pic.twitter.com/o9fqE9U80z— 江卓尔_莱比特约池 (@Jiangzhuoer2) June 24, 2026
That reading is close to the 0.7 low Strategy hit on May 11, 2022, during the last bull-to-bear turn, he said, leading him to believe mNAV is near the floor of this cycle.
