BTC halving-cycle blend · MSTR on the mNAV basis · recomputed on every price tick
Projected low — and how the projection has moved
BTC cycles
Multiples of the halving close, log scale — this cycle against the blend path re-anchored live (with its per-cycle envelope), the inception-anchored and frozen 12 Jun references, and external floors
MSTR price and projection band
mNAV basis: 0.68 / live / 1.05 × NAV — thin dotted lines are the legacy β-path and last week's view
MSTR × halving-cycle