Chinese Crypto Whale Garrett Jin Sees Bitcoin Consolidation Ahead

Chinese crypto whale Garrett Jin's expectations for Bitcoin and Ethereum are being closely watched by market observers. According to Jin, the current market conditions suggest that BTC will consolidate within a specific range for now as it attempts to overcome selling pressure in the $80,000-$82,500 region.

Jin stated that this consolidation period could be a healthy sign for the market, and that Bitcoin moving sideways for a while in the $72,500-$84,000 range with reduced leverage and volatility would create a positive outlook. A stable daily close above $82,500 is critical, as it would signal that the current selling pressure has been absorbed and that supply in the upper regions has been largely met.

However, Jin also warned that if BTC falls below $76,600, caution is warranted, even if a daily close alone does not necessarily indicate a bearish trend. He noted that data such as ETF inflows, Coinbase premium, and the seven-day average net profit/loss should be monitored for signs of weakness.

Jin also opened a new long position on Bitcoin worth approximately $47.4 million, with an entry price of around $79,000. He now holds a total of 1,868 BTC, with an average entry price of approximately $77,090.