Analyst Benjamin Cowen says that one US economic data can determine the process of the price of Bitcoin (BTC) in the coming months.
In a new video, Cowen tells His 863,000 YouTube subscribers that Bitcoin is approaching a “decision time”, since traders and investors are waiting for the Non-Garm Payrolls (NFP) report planned for release on 7 February.
The NFP report reveals the number of added or lost jobs in the US, with the exception of that in the agricultural sector. Market participants use the data to gauge the health of the country’s economy.
According to Cowen, Bitcoin Bullish can become if the unemployment rate remains at more or more the same level as the 4.1%reading last month.
“If the unemployment rate works out … 4.1%, 4.2%, then I am more likely that Bitcoin would make a switch.”
On the likely price goals for Bitcoin, the widespread analyst says,
“The data from the labor market will arrive next week. It seems that Bitcoin did exactly the same as last year. The question is, can it just continue and get that next leg higher? I would probably say somewhere between $ 120,000 to $ 140,000, $ 150,000. Somewhere in that zone if it will just repeat last year. “
Cowen also says that there is a possibility that Bitcoin will reach a cyclustop on the basis of historical data in a few months.
“So there is always a chance that if you still get a rally in, for example, February or March, it can lead to a large market cycle top, depending on how aggressive it is. To remind [during the] The last cycle was the top in principle in April [of 2021]. “
Bitcoin acts at $ 102,491 at the time of writing.
https://www.youtube.com/watch?v=_HVGZ6QRPOS
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