Renowned crypto strategist Benjamin Cowen has issued a warning that Bitcoin’s breakthrough above $70,000 could be derailed by a certain macroeconomic data. Cowen, who has a substantial following of 873,000 on the social media platform X, believes that Bitcoin’s reaction to the psychological level of $70,000 will determine whether it follows the cyclical or monetary policy view. While Bitcoin has historically experienced a rally during the fourth quarter of a halving year, the expected surge in breakout may be delayed by months if BTC chooses to follow the monetary policy view, which takes into account macroeconomic data. Cowen explains that if Bitcoin manages to surpass $70,000 and sustain the level, it would favor the cyclical view prevailing. However, if Bitcoin fails at $70,000 and drops back towards $64,000, then the monetary policy view will likely dominate, resulting in the breakout being postponed until 2025. Cowen suggests that BTC’s next significant move could depend on the release of US labor market data on November 1st. He states that the labor market data release this week is the most likely factor to determine short-term direction. Cowen previously mentioned that if the US unemployment rate continues to rise, Bitcoin may face bearish conditions. Investors are reportedly awaiting the upcoming jobs report data before deciding whether to invest in BTC. Cowen warns that if the labor market numbers disappoint, BTC could experience a capitulation event, similar to the quick dumps in April and August of this year, potentially finalizing in December. As of now, Bitcoin is trading at $71,239, with a nearly 5% increase in the past day.
