Jiang Zhuoer Predicts Bull Market Continuation as Bitcoin Finds Local Bottom

The cryptocurrency market is currently navigating a period of significant volatility, yet prominent industry figures maintain a positive outlook for the long term. Jiang Zhuoer, the founder of the major mining pool F2Pool, recently shared his analysis on the social media platform X, suggesting that the broader bull market remains intact. According to Zhuoer, various on-chain metrics and long-term technical indicators signal that the worst of the bearish pressure has passed, positioning the mid-year lows as a definitive turning point for the current cycle.

Technical Analysis and Market Retracements

Zhuoer's assessment centers on the belief that the price of Bitcoin (BTC) reached its bear market low in July when it touched $53,758. While the market has seen fluctuations since then, the analyst views current downward movements as corrective pullbacks rather than a return to a sustained bear trend. The primary focus for traders now is identifying the exact floor of this current retracement.

• The 50% Fibonacci retracement level at approximately $58,500 is considered a primary support zone.
• A deeper correction could lead to the 61.8% Fibonacci level, situated between the $54,000 and $55,000 range.
• On-chain data indicates that long-term holders have largely stabilized their positions following the July dip.

Strategic Trading Adjustments and Risk Management

In a transparent review of his recent market activities, the F2Pool founder detailed how he has adapted his strategy to the current high-volatility environment. Zhuoer revealed that a previous Bitcoin long position was liquidated at $54,700, resulting in a 5% loss. Following this, he initiated a short hedging position at the $60,000 mark to mitigate further downside risk.

He will subsequently reduce his long and short trading and mixed long/short operations, and temporarily remain on the sidelines.

This shift in strategy reflects a cautious approach common among institutional-grade players during uncertain price discovery phases. By moving to the sidelines, market participants often wait for clearer confirmation of a trend reversal before committing significant capital back into long-directional trades or leveraged positions.

Despite the immediate uncertainty regarding the exact bottom of the current pullback, the prevailing sentiment from veteran analysts remains focused on the macro-bullish structure of the blockchain industry. As the market tests these critical Fibonacci levels, the behavior of the Bitcoin blockchain and the broader digital asset ecosystem will likely dictate whether the $53,758 low holds as the definitive floor for this cycle.