Jiang Zhuor, one of China's most famous cryptocurrency miners and founder of $BTC.TOP, has significantly reinforced his view that the market may have bottomed, stating that his previous bear market prediction was largely incorrect. Jiang said he is now 90% confident that the bear market is over and that Ethereum ($ETH) could outperform Bitcoin ($BTC) in this current cycle.
Jiang Zhuoer explained that he had repurchased the $ETH he previously sold at prices ranging from $1738 to $1931, setting a stop-loss order at $2100. He then stated that he sold 50% of his spot $ETH at $2525, attempting to predict the market peak, and set a stop-loss order at $2550 for this trade.
The well-known miner stated that he plans to use approximately 20-30% of his reserve funds, which he has not yet deployed to the market, to purchase Ethereum. According to Jiang, if the price of Bitcoin falls to the $67,000–72,000 range, the remaining funds will be used to buy $ETH.
If Bitcoin does not fall to those levels, Jiang stated that he would buy Ethereum at the current market price no later than the end of October. This indicates his plan to fully invest the remaining reserves into $ETH.
Jiang Zhuoer also stated that the cryptocurrency market is showing a sustained upward trend, and therefore, the probability of accurately forecasting the market peak is relatively low.
*This is not investment advice.
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