While Bitcoin (BTC) draws attention with its recent mobility, Analyst Benjamin Cowen points to an important economic data set that will determine the direction of the price in the coming months. Cowen says that the US non -Agricultural Employment (NFP) report, which will be announced on February 7, may play a decisive role on Bitcoin’s future price movements. How investors evaluate this data may be a harbinger of a new wave of rise in the crypto currency market. Here are the analyst’s Bitcoin estimated and expectations…
Analyst pointed to US data for Bitcoin estimation
Analyst Benjamin Cowen draws attention to a US economic data that will determine the direction of Bitcoin (BTC) price in the coming months. Cowen shared a new video, stating that Bitcoin’s 863,000 subscribers approached Bitcoin’s “decision moment, and emphasized that investors and traders are waiting for the non -Agricultural Employment (NFP) report to be announced on February 7. The NFP report demonstrates the change of labor in the agricultural sector and the market participants evaluate the health of the US economy according to this data. According to Cowen, if the unemployment rate remains at 4.1 %last month, Bitcoin is likely to enter the bull trend. Cowen explains this situation as follows:
If the unemployment rate remains at normal levels, for example, around 4.1 %or 4.2 %, then Bitcoin is more likely to rise further.
What are the price targets?
Cowen also shared Bitcoin’s views on the price targets, Bitcoin said that if he repeated his movement last year this year, he could reach a level between 120,000 and 140,000, or even 150,000 dollars. He used the following statements:
Labor data will be announced next week. Bitcoin seems to repeat exactly what he did last year. The question is: can this movement continue and can its next move be higher? My guess is that this year will be possible between 120,000 and 150,000 dollars with an increase like last year.
Cowen also added that Bitcoin could reach the summit point of a market cycle in a few months based on historical data. “Of course, if there is another rally in February or March, it may lead to the summit of a large market cycle if it continues in a more aggressive way. Remember, in the last cycle, the summit was almost in April 2021. ” he said. Bitcoin is currently traded for $ 102,491.
