Jiang Zhuoer, one of the best-known bitcoins in China The miners and founder of the LeBit mining group, predicted that the current bear market will bottom in the fourth quarter at approximately $42,000-$44,000.
The forecast, made in Chinese at
Jiang analyzed Strategy’s market net asset value (mNAV), the ratio between the company’s share price and the value per share of the bitcoins it holds, which has fallen to 0.72. A number greater than 1 means investors value the company at a premium to their bitcoin stack; Below 1 means they value it less.
Jiang’s figure has the market price strategy about 28% below the bitcoin he owns, a sign of deep pessimism towards the trade.
《对本轮BTC熊市 见底时间&价格 预测》
【重要长期预测贴】MSTR的mNAV已跌到0.72了【图1，图3】，
(mNAV=股价/每股含BTC价值比值，代表美股资金对MSTR的市场情绪，高于1为泡沫高估，低于1为悲观低估）
接近上一轮牛市2022年5月11日的最低点0.7【图2】。
根据最近STRC大幅脱锚等市场情绪事件,… pic.twitter.com/o9fqE9U80z– 江卓尔_莱比特矿池 (@Jiangzhuoer2) June 24, 2026
That reading is near the low of 0.7 the strategy hit on May 11, 2022, during the last bullish-to-bearish turn, he said, leading him to think mNAV is near its low for this cycle.
