Jiang Zhuoer Abandons Bearish Call as Ethereum Surges

Chinese mining veteran Jiang Zhuoer has reversed his bearish call on Bitcoin, citing a 90% confidence that the crypto market has ended its downturn. In late June, he predicted that Bitcoin could fall to $42,000 to $44,000 during the fourth quarter, but the cryptocurrency's recent surge above $79,500 has undermined this forecast.

Jiang Zhuoer sold Ethereum (ETH) between $1,738 and $1,931 in May, but later bought back near $2,100 after reassessing his market view. He then sold half of his spot ETH position near $2,525, suggesting that he adjusted his exposure as prices challenged his previous cycle call.

The founder of BTC.TOP also plans to buy more ETH if Bitcoin retreats into the $67,000 to $72,000 range. His revised positioning has placed Ethereum at the center of his attention, particularly after it outperformed Bitcoin during the latest rebound.

The broader market recovery received support from spot demand and ETF inflows, which drew about $1.6 billion through Thursday, including $606.3 million on Thursday alone. Leverage remained an important driver of the initial breakout, but improved liquidity conditions also provided a supportive backdrop.