Today, global markets and cryptocurrencies are focused on Federal Reserve Chairman Kevin Warsh’s speech in Jackson Hole. His statements are of great interest to both BTC and altcoins.
A hawkish Warsh could put downward pressure on Bitcoin and cryptocurrencies, while a more dovish Warsh could push the market higher.
At this point, Bitcoin was just below $80,000 prior to the speech, and Chinese crypto whale Garrett Jin stated that he expects BTC to consolidate within a certain range for a few 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 specific range for now as it attempts to overcome selling pressure in the $80,000-$82,500 region.
Jin stated that Bitcoin moving sideways for a while in the $72,500-$84,000 range, with reduced leverage and volatility, would create a healthy outlook for the market.
A Close 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 upper regions has been largely met.
In contrast, Jin considers $76,600 a critical level for a downward move, as it is close to the average cost basis for short-term Bitcoin investors. He stated that a daily close below $76,600 alone is not a definitive bearish signal, but caution is warranted if data such as ETF inflows, Coinbase premium, and the seven-day average net profit/loss also deteriorate.
On the other hand, on-chain data also shows that Jin has taken a position on Bitcoin. According to Lookonchain data, Jin opened a new long position of 600 BTC on August 26th at approximately $79,000. Following this position, worth approximately $47.4 million, Jin’s total long position reached 1,868 BTC, and the average entry price reached approximately $77,090.
Garrett Jin also stated that Ethereum will experience consolidation in the coming period, and that now is the time to start accumulating ETH again during the upcoming consolidation period and then staking the assets.
