Chinese Bitcoin miner forecasts $42k-$44k bottom in 2026

A prominent Chinese Bitcoin miner has projected that the cryptocurrency's current bear market could reach its lowest point in the final months of 2026, with prices potentially falling to a range between $42,000 and $44,000. Jiang Zhuoer, founder of the BTC.TOP mining pool, shared the forecast on June 25, as Bitcoin traded near $62,000, down significantly from its all-time high above $126,000 set in October 2025.

Jiang's analysis centers on a metric known as the mNAV, or market net asset value, for the company MicroStrategy. This ratio compares MicroStrategy's share price to the value of its Bitcoin holdings per share. He noted that the mNAV has recently fallen to 0.72, approaching the 0.7 level recorded in May 2022, which marked the beginning of the last major market transition. Jiang described this as a potential sentiment low for MicroStrategy investors, though not necessarily an immediate bottom for Bitcoin itself.

The forecast relies heavily on historical timing. In the previous cycle, MicroStrategy's mNAV bottomed in May 2022 when Bitcoin was trading near $31,000. The cryptocurrency then continued to decline, reaching its cycle low of approximately $15,500 roughly six...