Cryptocurrency analyst Benjamin Cowen, Bitcoin $102,673.0He announced that it may continue to gain value until the end of 2024. In his statement on his YouTube channel, Cowen said that Bitcoin may grow in parallel with the halving cycle, which occurs every four years. According to the analyst, whether US unemployment rates remain stable or fall could be an important factor for Bitcoin’s rise.
Unemployment Rate and Bitcoin Connection
Cowen stated that the US labor market is making a big impact on Bitcoin. The unemployment rate announced in November remained stable at 4.1%. Cowen said that this is a positive signal for Bitcoin. “A positive market environment is sufficient for Bitcoin to gain value. But it would require an economic trigger for it to fall,” he said. According to Cowen, the increase in unemployment rates since March negatively affected the Bitcoin price. However, the stagnation and downward trend in the unemployment rate from August 2024 allowed Bitcoin to recover.
The analyst also stated that Bitcoin shows an inverse relationship with the US unemployment rate. The stability of labor market data could support Bitcoin’s steady growth. Cowen said Bitcoin could continue to gain value through the end of the year if the unemployment rate remains at 4% or 4.1%.
Market Cycles and the Future of Bitcoin
Cowen talked about Bitcoin’s cyclical dynamics in the market and stated that the current situation offers important opportunities for investors. Bitcoin’s cyclical nature may support price increases, especially in the post-halving period. Stating that Bitcoin is currently traded at $ 96,607, the analyst predicted that this rise could accelerate further in the coming months.
However, Cowen warned investors about the volatile nature of the cryptocurrency market. “Bitcoin’s price is shaped not only by economic indicators but also by investor behavior. Therefore, careful strategies should be developed,” he said.
Volatility in the cryptocurrency market poses both opportunities and risks for investors. Cowen’s analysis provides important details to guide Bitcoin investors. However, it should not be forgotten that market dynamics are constantly changing.
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.
