Bitcoin will fall another 30% to $44,000, prominent BTC miner says
An early miner says Strategy’s stock mNAV has fallen to 0.72, near the level that marked the last cycle’s turn, and that bitcoin historically bottoms about six months after that signal.
By Shaurya Malwa|Edited by Sheldon Reback
Jun 25, 2026, 2:39 p.m.
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Summary
Jiang Zhuoer, one of China’s best-known bitcoin BTC$59,099.93 miners and founder of the LeBit mining pool, predicted that the current bear market will bottom in the fourth quarter at roughly $42,000-$44,000.
The forecast, made in Chinese on X, puts the low some 30% below bitcoin’s current level near $60,700, and rests less on the cryptocurrency’s performance than on Strategy, the largest corporate holder of the token, according to an automated translation.
Jiang analyzed Strategy’s market net asset value (mNAV), the ratio of the company’s stock price to the per-share value of the bitcoin it holds, which has dropped to 0.72. A number above 1 means investors value the company at a premium to its bitcoin stack; below 1 means they value it at less.
Jiang’s figure has the market pricing Strategy about 28% below the bitcoin it owns, a sign of deep pessimism toward the trade.
That reading is close to the 0.7 low Strategy hit on May 11, 2022, during the last bull-to-bear turn, he said, which leads him to think mNAV is near its floor for this cycle.
That time round, bitcoin reached its own low of about $15,500 some six months later, in November. Applying that lag to an mNAV low now points to a bitcoin bottom around late 2026.
Some analysts last week called on the company to suspend its bitcoin purchases, saying it had overextended itself.
So much for the timing. Jiang’s price target comes from a separate model built on bitcoin’s four-year cycle.
He compared the price pattern to a ball bouncing on the ground, each bounce smaller than the last. In his model, bitcoin’s price swings shrink as its market value grows. The model output a low of $44,016 on Oct. 31, though Jiang said it is more reliable on timing than on price, which is why he gave a range of $42,000 to $44,000 across October to December.
The prediction lands in a week thick with bearish signals. FxPro flagged bitcoin sitting on its 200-week moving average, a level that preceded long stretches of weakness in past cycles, and floated $55,000 as a plausible low, while the debasement trade that lifted bitcoin alongside gold and silver has been unwinding on a hawkish stance from the Federal Reserve.
Read more: How STRC lost its par: The timeline behind Strategy’s preferred-stock meltdown
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In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Jun 15, 2026
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.