Chinese trader Eugene Ng Ah Sio has announced a dramatic change in his trading stance, switching to an “aggressive bullish” position with a bullish outlook on major altcoins.
In a series of updates shared via his personal channel, Ng claimed that he sees the potential for altcoins to rise by 10% to 20% in the near-term.
“I am currently in an aggressive bull position and will soon find out if I am right or wrong,” Ng wrote. “This position usually fluctuates violently up and down in a relatively short period of time. I am watching to see if mainstream altcoins will revalue and rise by 10-20%.”
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The position change came as Bitcoin broke through what Ng described as a “wall of worry” at $90,000, acknowledging that the sharp rally had invalidated the previous downtrend.
“Bitcoin has crossed $90,000 and the price has climbed my worry wall,” Ng explained. “My bearish trend has basically come to nothing. If this continues, I will look for bullish opportunities in altcoins. The fanatical market sentiment will make a comeback in a wide range of altcoins and I will dig deeper again.”
*This is not investment advice.