Jiang Zhuoer: The bear market is over, and the bull market is still underway
Nov. 12 — Jiang Zhuoer, founder of BTC.com Pool, replied to users on X on Wednesday, saying that numerous on-chain and long-term indicators show the bear market has ended, with $57,758 in July marking the low of this bear market.
However, the key question for the market now is where this pullback will bottom out: at the 50% Fibonacci retracement level of $72,500, or the 61.8% retracement level between $69,000 and $70,000?
Regarding his trading, Jiang said his previous BTC long position was stopped out at $72,700 with a 5% stop-loss, and he opened a short position at $73,000 as a hedge. Going forward, he will scale back both short- and long-term trading, as well as strategies combining long and short positions, and wait on the sidelines for now.
Overall, Jiang believes the low of this bear market is already in, but where the current pullback will bottom remains uncertain. Until the market direction becomes clearer, he advises investors to trade less and wait on the sidelines.
What do you think? Was $57,758 the low of this bear market, and has this pullback already bottomed out? Share your thoughts in the comments.
#比特币
Nov. 12 — Jiang Zhuoer, founder of BTC.com Pool, replied to users on X on Wednesday, saying that numerous on-chain and long-term indicators show the bear market has ended, with $57,758 in July marking the low of this bear market.
However, the key question for the market now is where this pullback will bottom out: at the 50% Fibonacci retracement level of $72,500, or the 61.8% retracement level between $69,000 and $70,000?
Regarding his trading, Jiang said his previous BTC long position was stopped out at $72,700 with a 5% stop-loss, and he opened a short position at $73,000 as a hedge. Going forward, he will scale back both short- and long-term trading, as well as strategies combining long and short positions, and wait on the sidelines for now.
Overall, Jiang believes the low of this bear market is already in, but where the current pullback will bottom remains uncertain. Until the market direction becomes clearer, he advises investors to trade less and wait on the sidelines.
What do you think? Was $57,758 the low of this bear market, and has this pullback already bottomed out? Share your thoughts in the comments.
#比特币
