Jiang Zhuoer, founder of the Chinese mining pool BTC.TOP and one of the most recognized voices in the country’s cryptocurrency mining sector, has abandoned his bearish outlook on digital assets, saying he is now roughly 90% confident the broader market downturn has ended.

The reversal follows a sharp rally that pushed Bitcoin toward $79,500 and saw Ethereum outperform during the recovery. Jiang’s shift marks a dramatic departure from his earlier forecast that Bitcoin could slide to between $42,000 and $44,000 during the fourth quarter, a projection he made in late June based partly on Strategy’s depressed market-to-Bitcoin valuation and historical cycle timing.

Jiang acknowledged his previous bearish stance was “way off” and said his…