Garrett Jin: Micron has rebounded to the profit-taking zone, planning to buy the dip in Bitcoin, SpaceX warned of remaining unlock after short squeeze

BlockBeats News, August 13th. "BTC OG Insider Whale" Garrett Jin released this week's market report, describing the rebound in the Korean market as a wide-ranging oscillation rather than a new trend. SK Hynix retested the 1.42 million Korean won region and saw a continuous rebound. On August 13th, it closed up 5.9% at 1,593,000 Korean won. The KOSPI has risen 20% from its July low, entering a technical bull market. However, foreign capital has not converted to long-term holdings, and the drag from leveraged ETFs continues. Garrett Jin has set $1,150 (approximately 1.63 million Korean won) as the initial profit-taking level, with the next target at $1,300 (185 million Korean won).

Garrett Jin also stated that gold recorded its strongest weekly gain since January this week, up 7.8% to $4,388. The drive behind this was the reduction of 23,000 non-farm payrolls in July and a moderate CPI, which has dampened the September rate hike trade. However, the short term is already overbought, and a pullback is seen as an opportunity for incremental buying. Bitcoin showed no response to the same macro bullish news and remains trapped between support at $62,500 and resistance at $65,000-70,000. A bottom structure has been gradually forming since $57,700, and Garrett Jin is waiting for a pullback to identify the next buying opportunity.

Regarding SpaceX, Garrett Jin believes that the recent performance is a classic case of "sell the news + short squeeze," where the unlocking itself has become a washout rather than a starting point for a decline. However, the unlocking window is not over yet, with another 319 million shares set to unlock on August 20th, and approximately 700 million shares each in September and October. The current range up to $160 is seen as a profit-taking zone rather than a chasing-high area.