Analyst Benjamin Cowen says a catalyst could trigger a “further rise” for Bitcoin before the end of 2024

Cryptocurrency analyst Benjamin Cowen is bullish on Bitcoin (BTC) as the premier digital asset hovers above $100,000.

Cowen tells his 836,000 YouTube subscribers that BTC “could see another rally before the end of the year if Bitcoin follows the cyclical view of booms and busts that occur every four years after the halving.”

According to the widely followed analyst, a lower or unchanged unemployment rate in the US could be positive for Bitcoin.

“For Bitcoin to continue rising through the end of the year and continue to follow the cyclical view, the labor market data will probably have to be somewhat okay this month. So I would say if the unemployment rate was at 4% or 4.1%, that would probably encourage Bitcoin to continue rising by the end of the year.”

The U.S. Bureau of Labor Statistics reported an unemployment rate of 4.1% in November, the same number as the previous month.

The widely followed analyst says Bitcoin has had an inverse relationship with the US unemployment rate for several months.

“Bitcoin needs a reason to fall, not a reason to rise. Bitcoin goes up naturally because people cost Bitcoin on average. So it tends to increase for no reason. If it’s going to sink, it needs a reason.

Essentially, the unemployment rate from March to August gave Bitcoin a reason to decline as the unemployment rate increased at an accelerated rate. But since August, the unemployment rate has been falling or moving sideways, and you can see that’s where the bottom for Bitcoin was reached – in August 2024 (the) bottom was reached. And it happened to correspond to the time when the unemployment rate stopped rising and then we got a lower number.”

Bitcoin is trading at $96,607 at the time of writing.

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Disclaimer: Opinions expressed on The Daily Hodl do not constitute investment advice. Investors should conduct their due diligence before making any risky investments in Bitcoin, cryptocurrencies or digital assets. Please note that your transfers and transactions are at your own risk and any losses you incur are your responsibility. The Daily Hodl does not recommend the purchase or sale of cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

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