Analyst Benjamin Cowen Says One Catalyst Could Trigger ‘One More Push Higher’ for Bitcoin Before End of 2024

Cryptocurrency analyst Benjamin Cowen is bullish on Bitcoin (BTC) because the flagship digital asset hovers above $100,000.

Cowen tells his 836,000 YouTube subscribers that if Bitcoin follows the cyclical view of peaks and troughs occurring each 4 years after the halving, BTC “might get one other increase earlier than the top of the yr.”

According to In response to the broadly adopted analyst, a decrease or unchanged US unemployment charge might be bullish for Bitcoin.

“So for Bitcoin to proceed to rise by way of the top of the yr and comply with the cyclical view, labor market information must be comparatively good this month. So I might say that if the unemployment charge had been 4% or 4.1%, it will in all probability be useful for Bitcoin to proceed to rise by way of the top of the yr.”

The US Bureau of Labor Statistics announced an unemployment charge of 4.1% in November, the identical determine they reported the month earlier than.

The broadly adopted analyst says Bitcoin has been displaying an inverse relationship with the US unemployment charge for a number of months.

“Bitcoin wants a motive to fall, not a motive to rise. Bitcoin simply goes up by itself as a result of folks purchase Bitcoin on the common worth per greenback. So it tends to go up with none motive. If it is going to drop, it wants a motive.

Basically, the unemployment charge from March to August gave Bitcoin a motive to fall because the unemployment charge continued to climb increased. However since August the unemployment charge fell or went sideways, and you may see that this was the low level for Bitcoin – it was in August 2024 that [the] occurred low. And it simply occurred to coincide with the time when the unemployment charge stopped going up and we obtained a decrease print.”

Bitcoin is buying and selling at $96,607 on the time of writing.

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