Jiang Zhuo’er, CEO of the 莱比特 mining pool, forecasts that the current Bitcoin bear market will bottom out between October and December 2026, with prices ranging from $42,000 to $44,000. He bases this prediction on the mNAV of MicroStrategy (MSTR), which has fallen to 0.72, nearing the previous cycle's low of 0.7 in May 2022. Jiang notes that mNAV typically hits its lowest point about six months before Bitcoin's price bottoms, as seen in the last cycle when mNAV bottomed in May 2022 and Bitcoin reached its lowest price of $15,476 in November 2022. He suggests a trading strategy focused on selling spot Bitcoin and shorting BTC, while recommending a long-MSTR / short-BTC arbitrage strategy for the long term.