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Crypto Assets analyst Benjamin Cowen warns that the US unemployment rate may have a significant impact on Bitcoin (Bitcoin).
Cowen said that due to the historical correlation between employment data and risk assets, if the US unemployment rate continues to rise at the end of the year, BTC may still be in a Bear Market.
"If this ratio follows the cycle of 2000, the unemployment rate may reach 4.8% to 4.9% by the end of the year. If the unemployment rate reaches 4.9% by the end of the year, it makes me think that BTC may not be able to break its lower price structure." The analyst said, adding:
"Let's take a look at the 1990s. In the 90s, there was a recession, but the S&P 500 index only dropped by about 20%, which wasn't too bad. But even so, the unemployment rate may still have reached 4.6%."
The pattern of Bitcoin reminds us of 2019
Cowen also pointed out that BTC has shown a similar pattern to what was observed in 2019. In this pattern, BTC recorded lower highs and lows within a monthly timeframe, and then broke out and pumped.
The trend of BTC depends on the labor market. This name reminds us that some analysts have said that BTC would reach $100,000 six months ago. Cohen added, 'If you remember March, many people did not predict that BTC would slow down like it did in 2019, recording the high and low points of the decline. Undoubtedly, as BTC continues to rise in dominance, this situation has not attracted attention.'
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