Analyst Predicts Big Things for Bitcoin, But With a Catch
Bitcoin is hanging around the $70,000 mark, and everyone’s wondering what’s next. Will it break through and keep climbing? Or will it take a tumble?
Crypto analyst Benjamin Cowen thinks the answer lies in the upcoming US jobs report. He’s watching the numbers closely because they could tell us whether Bitcoin is headed for a big rally or a nasty crash.
Two Possible Scenarios
Cowen says there are two main scenarios for Bitcoin:
- The Cyclical View: Bitcoin typically rallies in the fourth quarter of a halving year. If this happens, Bitcoin could break through $70,000 and keep going up.
- The Monetary Policy View: This scenario is more cautious. It suggests that Bitcoin might dip before it rises, with a big move happening in early 2025.
Jobs Report Holds the Key
Cowen believes the US jobs report, coming out on November 1st, will be a big factor in deciding which scenario plays out.
If the report shows a continued decline in unemployment, Bitcoin could soar. But if the numbers are bad, it could trigger a big drop in Bitcoin’s price.
Possible Capitulation Event
Cowen warns that a bad jobs report could lead to a “capitulation event” for Bitcoin. This means a sudden and sharp drop in price, similar to what happened in April and August of this year.
What to Watch For
The next few days are crucial for Bitcoin. If it can break through $70,000 and stay there, it’s a good sign for the cyclical view. But if it dips back down, it could be a sign that the monetary policy view is in play.
Remember: This is just one analyst’s opinion. Bitcoin is a volatile asset, and investing in it is risky. Do your own research before making any investment decisions. /p>