Garrett Jin: SK Hynix has rebounded to the take-profit zone, plans to buy Bitcoin on its pullback, and cautions to watch out for remaining share unlocks following SpaceX's short squeeze.

BTC OG and insider whale Garrett Jin released this week’s market report, characterizing South Korea’s market rebound as a wide-range consolidation rather than a new trend. SK Hynix retested the 1.42 million won level before a consecutive rebound, closing up 5.9% at 1,593,000 won on August 13. The KOSPI has rallied 20% from its July low to enter a technical bull market, but foreign investors have not shifted to long-term holdings, and the drag from leveraged ETFs remains. Garrett Jin set the first take-profit level at $1,150 (≈1.63 million won), with the next target at $1,300 (1.85 million won. Garrett Jin also noted that gold posted its strongest weekly gain since January this week, rising 7.8% to $4,388. The rally was driven by July’s non-farm payrolls falling by 23,000 and moderate CPI data, which pushed back bets on a September rate hike. However, gold is now overbought in the short term, so a pullback would present an opportunity to add positions in batches. Bitcoin failed to react to the same macro tailwinds, remaining trapped between the $62,500 support and $65,000-$70,000 resistance. A bottoming structure since the $57,700 level is gradually forming, and Garrett Jin will wait for a pullback to enter the next buying round. On SpaceX, Garrett Jin views its recent performance as a classic case of “bad news fully priced in + short squeeze”, with the lock-up period itself acting as a washout rather than a starting point for a decline. However, the lock-up window is not over: 319 million shares will unlock on August 20, and another ~700 million shares each in September and October. The current price up to $160 is a take-profit zone, not a zone for chasing highs.