BTC.TOP Founder Jiang Zhuoer Reverses Bearish Stance, Predicts Bitcoin (BTC) Could Reach $200K

BTC.TOP Founder Flips Bullish After Failed Hedge

Jiang Zhuoer, founder of Chinese mining pool BTC.TOP and one of the country’s most recognized crypto figures, has dropped his bearish outlook on Bitcoin and the broader crypto market, saying he is roughly 90% confident the bear market has ended and that he plans to move his remaining capital into Ethereum. In a detailed Aug. 22 post on X, Jiang explained that his previous defensive positioning had been built around sales of ETH between $1,738 and $1,931, combined with short positions meant to hedge against further downside. When Ethereum climbed above $2,000 and kept rising, those shorts lost money, forcing him to close the trades and repurchase the coins near $2,100. He later sold roughly half of his spot holdings near $2,525 while attempting to catch a short-term top with a tight stop-loss. Jiang now describes that earlier call as far off the mark, and he has kept 20% to 30% of his intended capital in USDT reserves while waiting for a cleaner entry point. His deployment plan is conditional on Bitcoin price action: if BTC retraces to the $67,000–$72,000 range, he says he will allocate all remaining funds to Ethereum; if that pullback does not arrive, he intends to buy ETH at market prices no later than the end of October. The thread was framed as advice for investors who missed the rally, with Jiang arguing the bull market is real. The reversal carries weight because BTC.TOP is one of the most established ASIC mining pools in China, and Jiang’s public positioning had turned markedly cautious during the earlier phase of this cycle. The trade-by-trade recap in his X thread also signals a deliberate shift from hedging toward trend-following, with the failed short serving as the trigger for his renewed conviction. Holding a portion of capital in stablecoins rather than redeploying immediately leaves room for the $67,000–$72,000 Bitcoin scenario he has identified as the preferred accumulation zone.

ETH/BTC Breakout Backs Tokenization Thesis

Jiang’s new conviction rests on relative strength in the Ethereum versus Bitcoin cross, which he argues reflects genuine demand rather than simple rotation out of Bitcoin. He points to growing U.S. government support for blockchain under the Trump administration and accelerating tokenization of stocks and bonds as catalysts that favor smart-contract platforms such as Ethereum. BitMine’s Tom Lee has voiced a similar view, citing the ETH/BTC ratio breaking above a multi-year downtrend, together with tokenization tailwinds and rising demand from agentic AI applications running on Ethereum’s network. He framed the pair’s strength as evidence that investors are paying for exposure to blockchain-based finance rather than merely shifting profits from the leading coin, and he sees the tokenization push giving smart-contract networks a use case beyond speculative trading. 7-day price data from Aug. 23 shows the move already underway: Bitcoin traded near $77,050, up roughly 22% for the week from levels near $63,000, while Ethereum climbed approximately 30% in the same stretch, from near $1,880 to around $2,420. Those weekly moves align with the renewed conviction voiced by both figures, even as Jiang continues to trade actively around his broader bullish stance. In his X post, he sketched a longer-term scenario in which the two assets appreciate together: if Bitcoin reaches $200,000 and the ETH/BTC exchange rate sits at 0.1, Ethereum would trade near $20,000. He explicitly labeled those figures rough estimates rather than calculated projections. For now, the ETH/BTC trend and the policy backdrop are the two pillars supporting the idea that Ethereum can lead the next phase, while Bitcoin remains the larger and more liquid anchor, and the altcoin complex captures the incremental flows.

Bitcoin $67K–$72K Retest in Focus

The pivot matters for Bitcoin positioning because it comes from a mining-pool operator whose failed bearish hedge, detailed in his official X post, had become one of the most visible contrarian calls of the cycle. The same post anchors the conditional plan: a Bitcoin retest of $67,000–$72,000 is the trigger for full deployment, while the end of October is the fallback deadline. In our reading, the 90% confidence level and the willingness to buy at market by late October suggest Jiang expects the pullback window may not appear, reinforcing a broader shift toward risk-on positioning. The key checkpoint is whether weekly gains near $77,000 hold or price resets into the accumulation zone flagged by a major mining figure.