BlockBeats reported on Sept. 10 that Garrett Jin, described as an agent for the "BTC OG insider whale," said in his latest weekly report that Bitcoin previously climbed as high as $82,300 but failed to hold that level and moved back into its range. In his view, that suggests the current consolidation may be far from finished and may not even be halfway done.
Jin said the biggest short-term shift is not the long-term direction but a deterioration in trading conditions. Spot buying is still there, he said, but it has weakened and is not enough for now to absorb selling pressure above $82,000. Within the current range, he said, both chasing a rally and shorting into strength offer poor risk-reward, making patience the better choice.
$82,500 remains the level to reclaim
According to Jin, if BTC can reclaim $82,500 and do so with stronger spot demand, the next resistance zone would come in around $83,000 to $86,000.
If the market fails to break higher, he said traders should watch support at $76,000 to $77,000. A move below that area could quickly test $74,000 to $75,000, while the next key demand zone sits at $72,000 to $72,500.
Cycle-low view stays in place for now
Jin said he still sees roughly a 70% probability that the cycle low is the $60,000 level below $80,000. But he added that if BTC falls back to $72,000, that view would need to be checked again by looking at trading volume, how selling pressure is absorbed, and the state of spot demand.
Year-end view remains constructive, with macro risks in focus
On the macro side, Jin kept a bullish stance for year-end but warned that rising oil prices and higher long-term interest rates are creating pressure for risk assets.
He said the year-end market could still find support if oil prices pull back and long-end yields stabilize. If both keep moving higher, tech stocks and crypto assets may first go through a larger correction.
Memory-chip trade draws wider attention
Jin also said the "memory chip trade" he had favored earlier is now getting broad market attention. In his view, demand for AI computing power benefits more than GPUs and should continue to lift demand for HBM, DRAM, and related memory products.
Even so, he said the next leg of that trade needs continued upward revisions to earnings expectations rather than relying only on the market rediscovering the theme.