In a post reported by Odaily on November 11, 2026, at 22:46 (UTC+8), Jiang Zhuoer, founder of the Leibit mining pool, said he believes the bull market is still underway. He argued that on-chain and longer-term indicators show the bear market has ended, and identified Bitcoin’s July low of $57,758 as what he considers the bottom of that bear market.
Jiang said the question now is whether the current pullback will stop near $72,500, which he identified as the 50% Fibonacci retracement level, or extend to $69,000–$70,000, his 61.8% retracement range. These are his assessments, not confirmed price outcomes.
Discussing his own positions, Jiang said he bought smaller DeFi tokens at $76,600 after what he described as a Binance theft incident. He said he remained comfortable with that purchase as a long-term trade, but considered his simultaneous 100% BTC long position a mistake because it mixed long- and short-term trading approaches. After BTC fell to $72,700 and reached his 5% stop-loss threshold, he said he opened a hedging short at $73,000.
Jiang said he would step aside for now. If BTC falls further to $70,500, he said he plans to close that hedging short.