Founder of a Chinese Mining Company Reveals He Bought Back All the Bitcoin He Sold—Here’s Why

Jiang Zhuoer, a well-known cryptocurrency miner from China, announced that he has repurchased all of his Bitcoin ($BTC) positions that he recently sold. Jiang stated that buying pressure in the market remains strong and that he expects the Bitcoin price to rise to the $80,000-$84,000 range.

Jiang Zhuoer announced in a recent statement that he has repurchased all the Bitcoin he previously sold on the spot market following the obstacles encountered by the CLARITY Act. The renowned miner believes that buyers remain strong in the current market outlook, which could drive the Bitcoin price higher.

Jiang’s latest move represents a swift reversal of his recent decision to sell. The $BTC.TOP founder had previously announced that he sold 100% of his Bitcoin position at $77,226. At the time, citing US inflation data and the possibility of a Fed interest rate hike, Jiang stated that he was prepared for a market downturn and could open a short position if necessary.

However, following the latest statement, Jiang has once again adopted a bullish outlook for Bitcoin. Citing strong buying pressure in the market, Jiang expects Bitcoin to surpass the $80,000 level and rise to $84,000 in the coming period.

*This is not investment advice.