The easiest way to estimate your LT is to do a progressive set. It helps to have a buddy to record things as you go.
Warm-up for 10 minutes, be sure to spin up to a high intensity about 3 times during your warm-up but for only 30 sec.
Then start riding at a gear ratio and cadence (80 to 90 is good) that is comfortable but not easy, something that you know you could maintain over 30 min or more. Every minute move into a harder gear. This is easiest if you start out on your big ring in the front and your sec from biggest ring on the back, then you can just keep dropping into a smaller cog on the back. The key is to maintain your cadence throughout the set. Have your buddy record your heart rate and your rating of perceived exertion at the end of every minute. At some point you will suddenly start breathing a lot faster. This will be a sudden change, not gradual. Have your buddy record your HR at that point. Keep going until you run out of gears or your legs fail. The HR at which your breathing suddenly shifts is a good estimate of LT.
After all is said and done, graph your HR against time and somewhere around the estimated LT you should see a sudden increase in the slope of the graph. This confirms that what you're looking at is the HR at which your primary energy system usage changes and you're starting to go into oxygen debt.
The other way to do it is to estimate your LT based on your max HR. Hopefully you know what your maximum HR is on the bike (actually observed it). Approximately 60 to 65% is an estimate of LT. This formula is completely useless for athletes with a lot of training in their background.
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