Wu learned that Jiang Zhuoer, founder of the Lait Bitcoin mining pool, predicted that the current BTC bear market may bottom out between October and December 2026, with a price range of approximately $42k to $44k. He believes that MSTR's mNAV has dropped to 0.72, approaching the low of 0.7 during the previous bull-bear transition in May 2022. Combined with recent events such as the significant de-pegging of STRC, this suggests that market pessimism toward MSTR may have entered an extreme zone for this cycle. Jiang Zhuoer stated that the bottoming of mNAV usually does not coincide with the bottoming of BTC prices. In the previous cycle, when MSTR's mNAV bottomed in May 2022, BTC was around $31,017, but BTC eventually fell to $15,476 in November 2022, about 6 months later. Therefore, he believes that if a similar leading relationship exists in this cycle, the low point of BTC prices may occur in the fourth quarter of 2026.