Miner Points to Strategy's mNAV as a Cycle Signal Prominent Chinese Bitcoin miner Jiang Zhuoer has put a late-2026 price floor on $BTC, predicting it could bottom out somewhere between $42,00
Prominent Chinese Bitcoin miner Jiang Zhuoer has put a late-2026 price floor on $BTC, predicting it could bottom out somewhere between $42,000 and $44,000. The call rests on a specific market signal: the multiple-to-net-asset-value (mNAV) ratio of Strategy (Nasdaq: MSTR), the company formerly known as MicroStrategy and the largest corporate holder of Bitcoin in the world.
Jiang noted that Strategy's mNAV has slipped to 0.72, closing in on the 0.7 level that marked the depths of the 2022 bear market. When MSTR's mNAV drops below 1, it means MicroStrategy's total market capitalization is lower than the value of the Bitcoin it holds , effectively signalling that the stock is trading at a discount to its underlying assets. The closer that ratio falls toward 0.7, the more it echoes conditions last seen during one of crypto's sharpest downturns.
Jiang's thesis leans heavily on cycle timing. He argues that in the previous cycle, $BTC did not reach its ultimate low until roughly six months after MSTR's mNAV hit its floor. If that relationship holds in the current downturn, and mNAV is now approaching its stress threshold, the implication is that a Bitcoin bottom in the $42,000 to $44,000 range could materialise in the latter part of 2026.
The prediction is not an outlier. Jiang's view that BTC may bottom at $42,000 to $44,000 in late 2026 comes as Bitcoin tests weak support levels. Separately, Galaxy Digital's research team has projected Bitcoin's cycle bottom will occur between $40,000 and $46,000 sometime before the end of Q4 2026, with the firm suggesting Bitcoin may not have reached its cycle bottom yet.
For its part, in 2022, MSTR shares plummeted to a low of $13 in 2023, representing a peak decline of 90%, significantly outpacing Bitcoin's 76% drop over the same period. That precedent underlines why some analysts treat MSTR's mNAV as an early-warning indicator for where $BTC itself may be heading.
As always, price predictions carry inherent uncertainty, and a range of macro factors, from interest rates to regulatory developments, could shift the trajectory in either direction. Still, Jiang's framework offers a data-grounded lens for investors trying to gauge where this cycle's bottom may lie.
Sources:CoinDesk: Top Chinese Bitcoin miner sees BTC bottom at $42K-$44K in late 2026IDNFinancials: MicroStrategy shares fall 60%, mNAV approaches 1Intellectia AI: Bitcoin Price Bottom Prediction 2026, Galaxy Forecasts $40K-$46K Floor
