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Jiang Zhuoer, one of China’s most prominent <a href="https://xpertsstudio.com/sec-proposes-%e2%82%a630m-fee-%e2%82%a62bn-capital-for-crypto-operators/” title=”SEC proposes ₦30m fee, ₦2bn capital for crypto operators”>cryptocurrency miners and founder of $BTC.TOP, significantly strengthened his view that the market may have bottomed out, stating that his previous bear market prediction was largely wrong. Jiang said he is now 90% certain the bear market is over and that Ethereum ($ETH) could outperform Bitcoin ($BTC) in the current cycle.
Jiang Zhuoer explained that he repurchased the $ETH he had previously sold between $1,738 and $1,931, setting a stop-loss order at $2,100. He then stated that he sold 50% of his spot $ETH holdings at $2,525, attempting to predict the market peak, and set a stop-loss order at $2,550 for that trade.
The renowned miner stated that he plans to use approximately 20-30% of his reserve funds, which he has not yet released to the market, to buy Ethereum. According to Jiang, if the Bitcoin price falls to the $67,000-$72,000 range, the remaining funds will be used to purchase $ETH.
If Bitcoin does not fall to those levels, Jiang stated that he will buy Ethereum at the current market price by the end of October at the latest. This reveals his plan to allocate his remaining reserves entirely to $ETH.
Jiang Zhuoer also stated that the cryptocurrency market maintains a strong upward trend, and therefore the probability of accurately predicting the market peak is relatively low.
*This is not investment advice.
Source: cryptonews.net