Theo Jiang Zhuo'er, a renowned Chinese Bitcoin miner, said Bitcoin could drop 30% to around $42,000–$44,000 between October and December 2026, marking the potential bear market bottom of the current cycle. Jiang's forecast is based on Strategy's mNAV ratio falling to 0.72, approaching the historical low of 0.70 recorded in May 2022. The mNAV ratio compares the market value of MSTR shares (the public company holding Bitcoin) to the net asset value of the Bitcoin holdings, with readings below 1 indicating deep pessimism and potential undervaluation. Jiang noted that mNAV bottoms often precede actual Bitcoin price bottoms by a few months, citing the previous cycle when the two events were about six months apart.