Analyst Benjamin Cowen is saying one US economic data could determine the trajectory of the price of Bitcoin (BTC) over the coming months.
In a new video, Cowen tells his 863,000 YouTube subscribers that Bitcoin is approaching a “decision time” as traders and investors await the non-farm payrolls (NFP) report scheduled for release on February 7th.
The NFP report discloses the number of jobs added or lost in the US, excluding those in the agricultural sector. Market participants use the data to gauge the health of the country’s economy.
According to Cowen, Bitcoin could turn bullish if the unemployment rate stays at more or less the same level as last month’s reading of 4.1%.
“If the unemployment rate comes in fine… 4.1%, 4.2% then my guess is that it’s more likely than not that Bitcoin would make another move up.”
On the likely price targets for Bitcoin, the widely followed analyst says,
“The labor market data comes in next week. It seems like Bitcoin’s done the same exact thing it did last year. The question is, can it just simply follow through and get that next leg higher? I would probably say somewhere between $120,000 to $140,000, $150,000. Somewhere kind of in that zone if it’s just simply going to repeat last year.”
Cowen also says there’s a possibility of Bitcoin reaching a cycle top in a couple of months based on historical data.
“So there’s always a chance that if you do get another rally in say February or March, that it could lead into a major market cycle top depending on how aggressive it is. Remember [during the] last cycle, the top was basically in April [of 2021].”
Bitcoin is trading at $102,491 at time of writing.
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