Jiang Zhuo'er: The bull market is still ongoing, and Bitcoin's lowest point in this bear market was $57,758 in July

The founder of the Liebit Mining Pool, Jiang Zhuoer, posted on the X platform stating that there is no doubt the bull market is still ongoing. A large number of on-chain indicators and long-term indicators show that the bear market has ended, with July's low of $57,758 being the lowest point of this bear market. The only question now is whether this round of decline will stop at the Fibonacci 50% retracement level of $72,500 or at the 61.8% retracement level of $69,000 to $70,000.

Jiang Zhuoer stated that after being hacked on Binance, he bottomed out DeFi altcoins at $76,600. From a long-term trading perspective, there is no problem, but one should not simultaneously hold a 100% position in BTC long. This is a huge mistake of conflating long-term and short-term trading.

Subsequently, BTC fell to $72,700, hitting its 5% stop-loss line, forcing him to open a hedge short position at $73,000, which is essentially a stop-loss. Jiang Zhuoer indicated that he will wait to exit, and if BTC further drops to $70,500, he will close the hedge short position at $73,000.