Crypto analyst Benjamin Cowen is optimistic about Bitcoin’s price, suggesting it could climb further before 2024 ends. He bases this prediction on historical patterns following Bitcoin’s halving events (which occur every four years).
Unemployment Rate: A Key Indicator?
Cowen, who boasts a large YouTube following, highlights the US unemployment rate as a significant factor. He believes a stable or slightly lower unemployment rate could fuel further Bitcoin growth. Specifically, he suggests that an unemployment rate around 4% to 4.1% would be positive for Bitcoin’s price. November’s unemployment rate was reported at 4.1%, the same as the previous month.
Bitcoin’s Inverse Relationship with Unemployment
Cowen points to an inverse correlation between Bitcoin’s price and the US unemployment rate over recent months. He argues that Bitcoin tends to rise naturally due to consistent investment, and only falls when given a specific reason. He notes that rising unemployment earlier in the year correlated with a Bitcoin price drop, while the recent stabilization and slight decrease in unemployment coincided with Bitcoin’s price bottoming out in August 2024.
Current Bitcoin Price and Outlook
At the time of writing, Bitcoin is trading around $96,607. Cowen’s analysis suggests that if the unemployment rate remains stable, Bitcoin could experience another price increase before the year concludes. However, it’s important to remember that this is just one analyst’s opinion, and cryptocurrency investments are inherently risky.
