Famous crypto strategist Benjamin Cowen, Bitcoin 
$71,218He stated that it may have difficulty staying above the $70,000 level. In his assessment shared on the social media platform X, Cowen emphasized that $ 70,000 is a psychological limit for BTC. According to him, Bitcoin movements at this level can indicate whether the cryptocurrency will follow a cyclical path or a line influenced by macroeconomic data.
Bitcoin’s Past Performance and Macroeconomic Impacts
According to Cowen, Bitcoin has historically seen significant momentum during halving years, particularly in the fourth quarter. However, this time macroeconomic data and monetary policies may delay the process. The analyst stated that BTC may show a cyclical upward trend in the last quarter of 2024, but macroeconomic pressures may slow down this trend. If BTC is more affected by macro data, the recovery may extend into the first months of 2025.
US Labor Force Data and Its Impact on Bitcoin
Cowen notes that Bitcoin’s next big move could depend on US labor force data due to be released on November 1. If labor force data remains below expectations, there may be a strong decline in BTC. Cowen added that Bitcoin could continue its downward trend if the unemployment rate enters an upward trend.
Cowen stated that investors are also waiting for these data and suggested that the future direction of BTC could be shaped in line with economic data. If labor force data is weak, there may be a major sales wave in Bitcoin and the effects of this wave may last until December.
Latest Corrections and Future Expectations in BTC
In the past, in April and August, BTC experienced corrections of around 18% and 25% respectively. Currently, BTC is trading at $71,239, up about 5%. Cowen’s analysis indicates that BTC’s reaction to the $70,000 psychological threshold could be decisive in short-term market trends.
As a result, BTC’s future may depend on US labor force data. If the data remains below expectations, BTC may face a difficult period.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
