Bitcoin Price Movement Predicted by Chinese Founder: Significant Correction Ahead

Jiang Zhuoer, the founder of B.TOP mining pool, has issued a warning about Bitcoin's potential price movements. According to Zhuoer, a significant correction could occur after the liquidation of highly leveraged positions in the market.

In his assessment, Zhuoer notes that if Bitcoin clears the intense liquidation zone above $76,000, it may trigger two different scenarios. In one scenario, if Bitcoin recovers without falling below $75,000, the rally could continue up to $80,000, with a possible test of the strong resistance zone between $83,000 and $84,000.

However, Zhuoer cautions that such a rise could be followed by a larger correction. In another scenario, if Bitcoin loses the $75,000 support level, a deeper correction is expected to occur, mirroring the upward movement that began from $64,000. Zhuoer predicts that in this case, Bitcoin could fall to the $70,000-$72,000 region before entering the next phase of the bull market.

Zhuoer highlights the upcoming vote on a bill and developments from the Federal Reserve as crucial catalysts that could influence the direction of the market. In response to this uncertainty, Zhuoer is adopting a more balanced strategy by holding a full short position in Bitcoin and a full spot position in Ethereum.