COINTURK NEWSCOINTURK NEWSCOINTURK NEWS
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Search
© 2024 COINTURK NEWS. All Rights Reserved.
Reading: Benjamin Cowen Analyzes Bitcoin’s Struggles Above $70,000
Share
Languages
  • TürkçeTürkçe
  • EspañolEspañol
Font ResizerAa
COINTURK NEWSCOINTURK NEWS
Font ResizerAa
Search
  • Real-Time News Feed
  • Bitcoin
  • Altcoin
  • Ethereum
  • Technology News
  • Advertise
  • Contact
  • TURTURTUR
  • ESESES
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
COINTURK NEWS > Bitcoin (BTC) > Benjamin Cowen Analyzes Bitcoin’s Struggles Above $70,000
Bitcoin (BTC)

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

In Brief

  • Benjamin Cowen warns of Bitcoin's struggle above $70,000.

  • BTC's future hinges on upcoming US labor data.

  • Historical corrections indicate potential volatility in the market.

Fatih Uçar
Fatih Uçar 7 months ago
Share
SHARE

Renowned crypto strategist Benjamin Cowen indicates that Bitcoin $104,365 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.

Contents
Bitcoin’s Historical Performance and Macroeconomic EffectsUS Labor Data and Its Impact on BitcoinRecent Corrections in BTC and Future Expectations

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.

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.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

You Might Also Like

Meta Platforms Decides Against Bitcoin Reserves in Shareholders’ Meeting

Expert Predicts Bitcoin’s Potential Paths: Expect Surprises

Spot Bitcoin ETFs Witness a Surprising Shift in Inflows and Outflows

Bitcoin’s Meteoric Rise Defies Market Doubts and Attracts Substantial Capital

Discover How Bitcoin Progressively Defies U.S Treasury Bonds

Fatih Uçar 29 October, 2024 - 4:34 pm 29 October, 2024 - 4:34 pm
Share This Article
Facebook Twitter
Share
Previous Article Vitalik Buterin Highlights the Importance of ETH Sales for the Ecosystem
Next Article Binance Announces New Features for Exclusive Clients
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Stay Connected

8.1k Like
21.1k Follow
1.1k Follow

Latest News

Twenty One Capital Expands Bitcoin Holdings with $100 Million Boost
Bitcoin News
Jamie Dimon Advocates Defense Priorities Over Crypto Reserves
Cryptocurrency News
Shiba Inu Community Drastically Burns Over a Billion SHIB Tokens
Shiba (SHIB)
Discover How Pi Network Advances Gaming with Innovative Integrations
Altcoin News
//

COINTURK was launched in March 2014 by a group of technology enthusiasts who believe that Bitcoin will be as important as the internet in the world of the future thanks to the amazing technology underlying it.

CRYPTOCURRENCY LIVE PRICES

  • Bitcoin (BTC) Live Price
  • Ethereum (ETH) Live Price
  • Ripple (XRP) Live Price
  • Solana (SOL) Live Price
  • Dogecoin (DOGE) Live Price
  • Cardano (ADA) Live Price
  • Chainlink (LINK) Live Price

OUR PARTNERS

  • COINMARKETCAP
  • COINGECKO
  • BITCOINHABER
  • BH NEWS
  • 21MILYON
  • NEWSLINKER

OUR COMPANY

  • About Us
  • Cookie Policy
  • Advertising
  • Contact
COINTURK NEWSCOINTURK NEWS
Follow US
© 2025 BLOCKCHAIN Information Technologies. >> COINTURK NEWS
Powered by LK SOFTWARE
Welcome Back!

Sign in to your account

Lost your password?