Bitcoin is showing strong upward movement, surging all of the option to the $70,000 price level. Nevertheless, despite the renewed bullish momentum, there are several upcoming macro events to observe out for that would influence the worth trajectory of BTC within the short term.
Will Labor Market Data Release Signal Bitcoin’s Next Direction?
Market participants are curiously monitoring Bitcoin’s short-term price forecast as they anticipate the publication of the important thing United States labor market data this week. A stronger data release could cause turbulence within the crypto landscape and the financial markets.
Crypto analyst and Chief Executive Officer (CEO) of Into The Cryptoverse, Benjamin Cowen, claims the report, which can offer information on job levels and wage growth, is predicted to have a major impact on Bitcoin’s near-term direction. The expert’s prognosis comes as BTC’s market dominance holds strong, drawing closer to the critical 60% threshold, where market conditions may change drastically.
In accordance with Benjamin Cowen, while the present view has proved accurate thus far, Bitcoin, after rallying to the $68,000 level, would essentially lose a few of its momentum and only make a latest major move upward following the labor market data release this week. Results from other upcoming events, just like the FOMC meeting and the US Presidential election, are also expected to influence the worth of the crypto asset.
Cowen highlighted that the cyclical view of BTC predicts that it should rise within the fourth quarter of 2024, whereas the monetary policy view claims the asset’s price is about for a decline followed by a rise in early next 12 months. “While it made sense to fade the cyclical view back in March, it’s more of a toss-up now between which view prevails,” Cowen added.
Within the event that Bitcoin can rise above $70,000 on greater than only a wick, the expert believes the cyclical outlook is more prone to prevail. Nevertheless, should BTC fail on the $70,000 mark once more and start to fall back toward $64,000, the monetary perspective will likely end up victorious and the breakout won’t happen until 2025.
Once the monetary view prevails, there could also be one other transient decline akin to what happened in April and August this 12 months, which might probably end in December.
BTC’s Upside Pressure Continues
The positive sentiment around BTC recently is growing stronger because the flagship crypto asset is a couple of figures away from reaching the $71,000 mark over again, a level not seen since late June.
This sustained upside momentum is solely attributed to the rising interest of bulls. Previously day, Bitcoin’s market cap and trading volume have risen by over 3% and 130%, respectively, demonstrating a strong attitude amongst retail and institutional investors.
So long as the bulls manage to take care of this renewed uptrend, the crypto asset could witness an prolonged push beyond $71,000 and possibly to its current all-time high of $73,000, achieved in March this 12 months.
Featured image from Unsplash, chart from Tradingview.com