Jiang Zhuoer Bets Big on Ethereum After Reversing Bearish Call

Chinese mining veteran Jiang Zhuoer has reversed his bearish call for Bitcoin after the market's latest rebound. He now says he is about 90% confident that the bear market has ended, with Ethereum as a relative outperformer.

Jiang had previously forecasted that Bitcoin could fall towards $42,000 to $44,000 during the fourth quarter, relying on Strategy's depressed market-to-Bitcoin valuation and historical cycle timing. However, when Bitcoin surged towards 79,500 on August 21, and Ether recovered into the mid-2,000 range, his conviction in major downside weakened.

Jiang bought back ETH near $2,100 after deciding his view was failing, then sold half of his spot Ether near $2,525. He referenced a stop around $2,550, showing that his change in outlook was accompanied by position management.

He still has about 20% to 30% of his intended capital undeployed and plans another ETH purchase if the flagship cryptocurrency retreats into the $67,000 to $72,000 range. If that decline does not occur, he intends to deploy the remaining funds by late October.