Chinese trader Eugene Ng Ah Sio announced a dramatic change in trading stance by moving to an “aggressive bull” position with a bullish outlook on key altcoins.
Ng claimed in a series of updates shared through his personal channel that altcoins have the potential to rise by 10% to 20% in the near term.
“I’m currently in an aggressive bullish position, and I’ll soon know if I’m right or wrong,” Ng wrote, adding, “This position usually fluctuates violently up and down in a relatively short period of time. I’m watching to see if mainstream altcoins will revalue and go up by 10-20%.”
The position change occurred as Bitcoin surpassed the $90,000 level, which Ng described as the “wall of worry.” It acknowledged that the sharp rally invalidated the previous downtrend.
Ng stated, “Bitcoin has surpassed 90,000 dollars, and the price has climbed my wall of concern” and added: “My bearish trend has fundamentally failed. If this situation continues, I will be looking for bull opportunities in altcoins. Fanatical market sentiment will rebound across a variety of altcoins, and I will dive deeper again.”
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