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The cryptocurrency market experienced a sharp decline following the release of US non-farm payroll figures for August. Accordingly, Bitcoin, which was above $80,000 earlier in the day, retreated to $79,200 after the data was released.
This situation was also reflected in altcoins, with Ethereum falling to $2,450, XRP dropping to $1.4, and Solana falling to $101.
While it remains to be seen whether $BTC will rise above $80,000 again, Jiang Zhuoer, the Chinese founder of the $BTC.top mining pool, announced that he has taken a short position in $BTC following the recent price increase.
Jiang Zhuoer stated in a post on X that he took a 100% short position on Bitcoin at approximately $82,050.
The Chinese founder cited weakening money flows in spot $BTC ETFs as a key reason for taking a short position on Bitcoin. He stated that despite seeing the first net outflow from ETF funds, he viewed Bitcoin’s rise to around $81,500, reaching the upper end of its trading range, as a selling opportunity.
What Scenario is He Expecting for Bitcoin?
According to Jiang, Bitcoin is likely to first retreat to the $70,000-$72,000 range. Jiang adds that he considers this region to be the last buying opportunity for Bitcoin.
Following this, he expects $BTC to trade sideways between $76,000 and $82,000, with investors looking for profit-taking opportunities during this period.
On the other hand, Jiang states that if Bitcoin rises towards the $83,000-$84,000 region, he will cut his losses at $82,300.
However, these levels reflect Jiang’s personal trading plan and do not necessarily mean that the Bitcoin price will follow this scenario.
Besides Jiang, cryptocurrency analyst Murphy also shared his expectations for $BTC. At this point, the analyst stated that a return to the $63,000-$65,000 range for Bitcoin is unlikely. Arguing that this region is used as a strong accumulation area by large investors, Murphy specifically noted that new cost floors were concentrated in the $63,000-$65,000 range between August 4th and August 18th.
The analyst noted that this pattern did not emerge in June and July when $BTC remained within this range, suggesting that large investors rapidly accumulated $BTC there before the recent surge. Conversely, the analyst pointed out that a similar pattern emerged in January 2022, recalling that a sharp price increase followed by a concentration of $BTC within a specific price range.
At this point, the analyst added that the average acquisition cost for wallets holding 100 to 1,000 $BTC is approximately $67,087, while the average cost for wallets holding 1,000 to 10,000 $BTC is approximately $61,107, which coincides with the previous accumulation zone and indicates that these levels are significant support areas.
*This is not investment advice.