Benjamin Cowen Analyzes Bitcoin’s Struggles Above $70,000

Renowned crypto strategist Benjamin Cowen indicates that Bitcoin $80,319 may struggle to maintain levels above $70,000. In his assessment shared on the social media platform X, Cowen emphasizes that $70,000 represents a psychological barrier for BTC. According to him, movements around this level may reveal whether Bitcoin is following a cyclical path or is influenced by macroeconomic data.

Bitcoin’s Historical Performance and Macroeconomic Effects

Cowen suggests that historically, Bitcoin has gained significant momentum during halving years, particularly in the fourth quarter. However, this time, macroeconomic data and monetary policies may delay this process. He notes that while BTC could exhibit a cyclical uptrend in the last quarter of 2024, macroeconomic pressures could hinder this trend. If Bitcoin is more affected by macro data, recovery might extend into the early months of 2025.

US Labor Data and Its Impact on Bitcoin

Cowen states that Bitcoin’s next major movement could depend on the US labor data to be announced on November 1. If the labor data falls short of expectations, a strong decline in BTC could occur. He further adds that if the unemployment rate begins to trend upward, Bitcoin may continue its downward trajectory.

Cowen expresses that investors are also awaiting this data, suggesting that BTC’s future direction may shape itself according to economic indicators. A weak labor report could trigger a significant selling wave in Bitcoin, with the effects potentially lingering until December.

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Recent Corrections in BTC and Future Expectations

In the past, BTC experienced corrections of approximately 18% and 25% in April and August, respectively. Currently, BTC is trading at $71,239, having seen a roughly 5% increase. Cowen’s analysis indicates that Bitcoin’s response at the psychological threshold of $70,000 could be decisive in short-term market trends.

In conclusion, the future of BTC may be contingent on US labor data. If the figures fall below expectations, BTC could face a challenging period.