ChainCatcher reported that Garrett Jin, described as the representative of a “BTC OG insider whale,” shared a cautious view on Bitcoin’s near-term setup. He said bulls are not in a favorable position at the moment, with BTC continuing to hover above $76,500. In his view, the ongoing bottoming process does not look constructive. Jin said the longer Bitcoin remains stuck in consolidation, the more likely it is to break below the $76,500 support level and move on to test lower support, rather than stage an immediate reversal. He added that if Bitcoin is to regain stronger momentum, it would need to reclaim $78,300 and hold above that level. The remarks were published by ChainCatcher as a market view update.
ChainCatcher reported that Garrett Jin, identified as the representative of a “BTC OG insider whale,” said Bitcoin bulls are in a difficult spot, with BTC still hovering above $76,500.
Jin said he is not optimistic about the current bottoming pattern. In his view, the longer the consolidation drags on, the more likely Bitcoin is to lose the $76,500 support level and search for lower support instead of posting an immediate reversal.
He added that for Bitcoin to show stronger price action again, it would need to reclaim $78,300 and stay above that level.
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