Bitcoin shows strong upward movement all the way to the $70,000 price level. However, despite the renewed bullish momentum, there are several upcoming macro events to watch out for that could impact BTC’s price trajectory in the short term.
Will the Release of Labor Market Data Indicate Bitcoin’s Next Direction?
Market participants are curiously watching Bitcoin’s short-term price forecast as they anticipate the release of key US labor market data this week. Stronger data release could create turbulence in the crypto landscape and financial markets.
Crypto analyst and Chief Executive Officer (CEO) of Into The Cryptoverse, Benjamin Cowen, claims the report, which will provide information about job levels and wage growth, is expected to have a significant impact on Bitcoin’s price in the short term. The expert’s forecast comes as BTC’s market dominance remains strong and moves closer to the critical 60% threshold, where market conditions could change dramatically.
According to Benjamin Cowen, the current view has proven accurate so far, but Bitcoin has recovered after a rally Level of $68,000, would actually lose some of its momentum and only make another big move upward after the release of labor market data this week. Results from other upcoming events, such as the FOMC meeting and the US presidential election, are also expected to influence the price of the crypto asset.
Cowen emphasized that BTC’s cyclical view predicts that the price will rise in the coming years fourth quarter of 2024while the monetary policy view claims that the price of the asset will fall, followed by a rise early next year. “While it made sense in March to let the cyclical view fade, now it is more a question of waffling between which view prevails,” Cowen added.
In the event that Bitcoin can rise above $70,000 on more than just a wick, the expert believes the cyclical outlook will likely prevail. However, should BTC fail again near $70,000 and start falling back towards $64,000, the monetary perspective will likely win and the breakout won’t happen until 2025.
Once the monetary view takes over, there could be another short-term decline, similar to what happened in April and August this year, and likely ending in December.
BTC’s upward push continues
The positive sentiment around BTC Lately, things are getting stronger as the flagship crypto asset is just a few digits away from reaching the $71,000 mark again, a level not seen since late June.
This continued upward momentum is attributed solely to the increasing interest in bulls. Over the past day, Bitcoin’s market cap and trading volume have increased by over 3% and 130% respectively, demonstrating a robust attitude among the retail and institutional investors.
As long as the bulls manage to maintain this renewed uptrend, the crypto asset could witness a further rise above $71,000 and possibly to the current all-time high of $73,000 reached in March this year.
Featured image from Unsplash, chart from Tradingview.com