Analyst Benjamin Cowen suggests that the upcoming US non-farm payrolls (NFP) report could have a significant impact on the price of Bitcoin (BTC) in the months ahead. The NFP report, which is set to be released on February 7th, provides crucial data on job additions or losses in the US, excluding the agricultural sector. This data is closely monitored by market participants to assess the overall health of the country’s economy.
Cowen highlights that Bitcoin’s price could turn bullish if the unemployment rate remains stable, similar to last month’s reading of 4.1%. He states, “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.”
Looking ahead, Cowen speculates on potential price targets for Bitcoin, suggesting a range between $120,000 to $150,000 if the market follows a similar pattern to last year. He emphasizes the importance of the labor market data release next week and compares Bitcoin’s current behavior to that of the previous year, hinting at a possible upward trajectory.
Additionally, Cowen mentions the possibility of Bitcoin reaching a cycle peak in the next couple of months, based on historical data. He warns that if there is another rally in February or March, it could potentially lead to a significant market cycle top, similar to the one observed in April 2021.
As of the time of writing, Bitcoin is trading at $102,491. Cowen’s analysis underscores the significance of the upcoming NFP report and its potential impact on shaping Bitcoin’s price movement in the near future.
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