Foreign media report that Chinese Bitcoin miner Jiang Zhuo’er believes BTC could retreat to the $42,000–$44,000 range by the end of 2026. The article notes that he assesses downside risks as still not fully released, due to factors including weakening corporate Bitcoin holdings valuations, rising macroeconomic pressures, and persistently tight interest rate expectations.
Jiang Zhuo'er's downward rationale
The report cited its view that Strategy's mNAV has fallen to 0.72, nearing the 2022 low of 0.7. The article regards this change as one signal of weakening market risk appetite. In 2022, Bitcoin dropped to around $15,000.
The article also noted that after Bitcoin reached a high of $126,080 in October 2025, it entered a downward trend. Since then, rising macroeconomic uncertainty, combined with heightened geopolitical tensions, has led to some capital outflows from risk assets, increasing pressure on the market.
Inflation and oil prices remain sources of pressure.
The report noted that U.S. inflation rose to 4.2% in May 2026, and Bitcoin weakened again earlier this month. If prospects for a peace agreement between the U.S. and Iran remain uncertain, oil prices may continue to rise, further increasing inflationary and economic pressures.
The article states that the Federal Reserve held interest rates steady at its most recent meeting, but markets still anticipate two additional rate hikes this year. Under this outlook, the high-interest-rate environment may continue to suppress the performance of risk assets, including Bitcoin.
- The strategy's mNAV has decreased to 0.72
- Jiang Zhuo'er expects the range to be between $42,000 and $44,000.
- The text mentions the previous high at $126,080.
The market also holds opposing views.
However, the article also notes that Anthony Scaramucci, founder of SkyBridge Capital, holds a different view. He believes Bitcoin may have already hit its bottom and expects its performance to improve over the coming months, potentially reaching $70,000 next month.
In addition, the report noted that the U.S. CLARITY Act may advance toward legislation this year. If the bill is enacted, the regulatory environment for the crypto industry could become clearer, potentially boosting investor confidence and providing some support for Bitcoin.