Mining veteran Jiang Zhuoer reverses bearish call, turns optimistic on crypto

Chinese mining veteran Jiang Zhuoer has reversed his earlier bearish thesis after Bitcoin's recovery undermined his forecast. In late June, he had projected Bitcoin could fall toward $42,000 to $44,000 in the fourth quarter, relying on depressed market-to-Bitcoin valuation and historical cycle timing. When Bitcoin surged toward $79,500 on August 21, however, his conviction weakened sharply.

Jiang's repositioning was reflected in his trades. He had previously sold Ether between $1,738 and $1,931, then repurchased near $2,100 after deciding his view was failing. He subsequently sold half his Ether position near $2,525, with a stop referenced around $2,550, adjusting his exposure as prices challenged his original forecast.

He now says he is about 90% confident the bear market has ended and expects Ethereum to outperform Bitcoin. According to translations of his statements, Jiang retains 20% to 30% of his intended capital undeployed, with plans for another Ether purchase if Bitcoin retreats into the $67,000 to $72,000 range. If that decline does not occur, he intends to deploy remaining funds by late October, though uncertainty exists over whether the reserve capital is earmarked for Bitcoin or Ether. Analysts have linked Ether's recent strength to growing activity around stablecoins, tokenization, and real-world assets.