Jiang Zhuoer Sees End of Bear Market, Bets Big on Ethereum Rally

Jiang Zhuoer, founder of Bitcoin mining pool BTC.top and a prominent figure in China's cryptocurrency industry, has shifted his stance on the market. He previously expressed caution about the direction of the market but now says he is 90% confident that the bear market has ended.

This reversal comes as the crypto market continues to recover from its lows last year. Bitcoin fell from an all-time high above $69,000 in November 2021 to a low near $15,500 in late 2022 but has since recovered and is now trading around $70,000.

Jiang believes Ethereum (ETH) will lead the next market rally, potentially outperforming Bitcoin (BTC). He attributes his revised view to recent market dynamics and on-chain activity, although he does not disclose specific metrics. Historically, Ethereum has shown higher volatility and beta to Bitcoin, meaning it can rise faster in bullish phases but with greater risk.

Jiang plans to begin buying if Bitcoin briefly falls below $72,000 or by the end of October at current prices if no such correction occurs. This indicates a disciplined approach, balancing patience with the risk of missing further upside.