In a report published on November 11, 2026, at 22:46 (UTC+8), Odaily quoted Jiang Zhuoer, founder of the Leibit mining pool, as saying he believed the bull market was still intact. He said on-chain and longer-term indicators suggested the bear market had ended, and identified Bitcoin’s July decline to $57,758 as what he believed was the bottom of that bear market. The report did not provide the underlying indicator readings.
Jiang said the question for the current pullback was whether Bitcoin would stabilize around $72,500, which he described as the 50% Fibonacci retracement level, or fall further toward $69,000–$70,000, his 61.8% retracement range. These were levels he was watching, not confirmed support.
Jiang also described his own positioning. He said he bought smaller DeFi tokens after the Binance theft incident when Bitcoin was at $76,600, but regarded holding a 100% BTC long position at the same time as a mistake that conflated long- and short-term trading. After Bitcoin fell to $72,700 and reached his 5% stop-loss threshold, he said he opened a hedge short at $73,000. He planned to step aside temporarily and said he would close that hedge if Bitcoin fell further to $70,500.