## Bitcoin’s Next Move: Cowen Sees Labor Report and Election as Key Drivers
Renowned crypto analyst Benjamin Cowen has his eyes set on two key events that he believes will determine the short-term direction of Bitcoin: the upcoming US labor market report and the election results. In a recent social media post, Cowen highlighted the potential for market momentum to slow down as we approach these pivotal events, suggesting that the next real direction for Bitcoin may emerge after they unfold.
Cowen’s analysis points to Bitcoin’s historical behavior, noting that it has often rallied toward the lower end of its high structure during the middle to late parts of a month. However, this momentum tends to stall until after the release of the labor market data. Therefore, he believes that the fresh labor market data, due on November 1st, will play a crucial role in shaping the direction of Bitcoin in the coming weeks.
This prediction comes amidst a wave of positive sentiment for Bitcoin, with spot ETFs seeing significant inflows, totaling $555.8 million on Monday alone. Cowen previously noted in October that Bitcoin had been holding the bull market support band for several weeks, leading him to suggest that if late-October seasonality kicked in, Bitcoin could potentially reach the $67,000 – $68,000 price range.
The upcoming events, however, could potentially disrupt this trajectory. Cowen’s insights emphasize the strong influence that macroeconomic and political factors have on the crypto markets, with major events like the labor market report and election results having the power to significantly impact investor sentiment and, subsequently, Bitcoin’s price.
The influence of Bitcoin as an institutional asset class will be further explored at Benzinga’s upcoming Future of Digital Assets event on November 19th. This event promises to delve deeper into the evolving role of Bitcoin in the global financial landscape, offering valuable insights for investors and market participants.