Bitcoin (BTC) Price Prediction: Will Labor Market Data Release Signal the Next Direction?

Market participants are curiously monitoring Bitcoin's short-term price forecast as they anticipate the publication of the key United States labor market data this week.

Bitcoin price analysis: BTC rallies toward $70,000, key macro events in focus

Bitcoin (BTC) price action is surging 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 influence the price trajectory of BTC in the short term.

After rallying to the $68,000 level, Bitcoin price action seemed to lose some of its momentum and only made a new major move upward following the labor market data release this week. Results from other upcoming events, like the FOMC meeting and the US Presidential election, are also expected to influence the price of the crypto asset.

Crypto analyst and Chief Executive Officer (CEO) of Into The Cryptoverse, Benjamin Cowen, is keeping a close eye on the upcoming labor market data release, which will offer information on job levels and wage growth. The report is expected to have a significant impact on Bitcoin’s near-term direction.

In his latest analysis, Cowen highlighted two contrasting outlooks for Bitcoin price action, which are the cyclical and monetary policy views. The cyclical view anticipates a rise in BTC price in the fourth quarter of 2024, while the monetary policy view suggests a decline followed by an increase early next year.

“Both the cyclical and monetary policy views are still valid, but which one will ultimately prevail?” Cowen said.

According to the crypto analyst, if Bitcoin can rise above $70,000 on more than just a wick, the cyclical outlook is more likely to prevail. However, if BTC fails at the $70,000 mark once again and begins to fall back toward $64,000, the monetary perspective will likely turn out victorious and the breakout will not take place until 2025.

In the event that the monetary view prevails, there may be another brief decline akin to what happened in April and August this year, which would probably end in December.

Bitcoin price analysis: BTC price a few figures away from $71,000

The positive sentiment around Bitcoin price analysis is growing stronger as the flagship crypto asset is now a few figures away from reaching the $71,000 mark once more, a level last seen in late June.

This sustained upside momentum is largely attributed to the rising interest of bulls. In the past day, Bitcoin’s market capitalization and trading volume have risen by over 3% and 130%, respectively, indicating a robust attitude among retail and institutional investors.

If the bulls can maintain this renewed uptrend, the crypto asset could witness an extended push beyond $71,000 and possibly to its current all-time high of $73,000, which was achieved in March this year.

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