Today, global markets and cryptocurrencies are focused on Federal Reserve Chairman Kevin Warsh's speech at Jackson Hole. His statements are of great interest to both Bitcoin and altcoins.
A hawkish stance from Warsh could put downward pressure on Bitcoin and cryptocurrencies, while a more dovish stance could push the market higher.
At that time, before the speech, Bitcoin was trading slightly below $80,000, and the Chinese crypto whale Garrett Jin stated that he expects $BTC to consolidate within a certain range for several weeks under current market conditions.
Bitcoin Reaches Threshold: $82,500!
Chinese analyst Garrett Jin stated in a recent blog post that $BTC is likely to remain within a certain range for now, trying to overcome selling pressure around $80,000–$82,500.
Jin said that Bitcoin moving sideways in the $72,500–$84,000 range for some time, with reduced leverage and volatility, would create favorable prospects for the market.
Closing Above $82,500 Is Critical for $BTC!
According to Jin, a stable daily close above $82,500 could signal that the current selling pressure has been absorbed and that supply in the higher price segments has been largely satisfied.
Conversely, Jin considers the $76,600 level critical for downward movement, as it is close to the average cost basis for short-term Bitcoin investors. He stated that a daily close below $76,600 is not in itself a clear bearish signal, but caution is warranted if metrics such as ETF inflows, the Coinbase premium, and the seven-day Net Realized Profit/Loss average deteriorate.
On the other hand, blockchain data also shows that Jin has opened a Bitcoin position. According to Lookonchain, on August 26, Jin opened a new long position of 600 $BTC at around $79,000. After this position, worth about $47.4 million, Jin's total long position reached 1,868 $BTC, with an average entry price of approximately $77,090.
Garrett Jin also stated that Ethereum is expected to consolidate in the near future, and that now is the time to start accumulating ETH again during the upcoming consolidation period and then stake these assets.
*This is not investment advice.
