Cryptocurrency analyst Benjamin Cowen is leaning bullish on Bitcoin (BTC) as the flagship digital asset hovers above $100,000.
Cowen tells his 836,000 YouTube subscribers that if Bitcoin follows the cyclical view of booms and busts that come after the halving event every four years, BTC “could get one more push higher before the end of the year.”
According to the widely followed analyst, a lower or an unchanged US unemployment rate could be bullish for Bitcoin.
“So in order for Bitcoin to continue to push higher though into the end of the year and continue to follow the cyclical view then arguably the labor market data needs to come in relatively okay this month. So I would say if the unemployment rate were to come in at 4% or 4.1% then it would likely favor Bitcoin to continue to go up into the end of the year.”
The U.S. Bureau of Labor Statistics announced an unemployment rate of 4.1% in November, the same figure they had reported in the previous month.
The widely followed analyst says that for several months, Bitcoin has displayed an inverse relationship with the US unemployment rate.
“Bitcoin needs a reason to go down, not a reason to go up. Bitcoin just naturally goes up because people dollar-cost-average Bitcoin. So it tends to go up for no reason at all. If it’s going to go down, it needs a reason.
Essentially, from March until August, the unemployment rate gave Bitcoin a reason to go down because the unemployment rate was accelerating higher. But ever since August, the unemployment rate was dropping or going sideways and you can see that’s where the low occurred for Bitcoin – it was in August of 2024 that [the] low occurred. And it happened to correspond to when the unemployment rate stopped going up and then we got a lower print.”
Source: Benjamin Cowen/YouTube
Bitcoin is trading at $96,607 at time of writing.
Generated Image: Midjourney
