According to CoinMeta, Jiang Zhuoer, the founder of Leibit Mining Pool, tweeted that there is no doubt that a bull market still exists, and numerous on-chain and long-term indicators indicate that the bear market has ended. He believes that $57,758 in July was the lowest point of this bear market, and the current decline may stop at around $72,500 or between $69,000 and $70,000. Jiang Zhuoer revealed that he bought smaller cryptocurrencies at around $76,600 and held a full position in BTC, stating that mixing long-term and short-term trading strategies is a "huge mistake." After the price of BTC fell to $72,700, hitting his 5% stop-loss level, he opened a hedging short position at $73,000, which he described as essentially a stop-loss strategy. He mentioned that he will first exit the market and wait for the price to fall further to $70,500 before closing that hedging short position.