Bitcoin's Next Big Move To Be Decided By Election Result And Labor Market Report, Says Benjamin Cowen

Into The Cryptoverse founder Benjamin Cowen sees Bitcoin BTC/USD near-term trend depending on the upcoming labour market report and election results.

What Happened: The analyst highlighted in a social media post on Tuesday that while short-term predictions are challenging, market momentum may start to wane as we approach the release of the November labor market report and election results.

He further added that the market would likely find its next real direction after these significant events.

Cowen pointed out that Bitcoin has often rallied up to the lower high structure during the middle-to-late part of a month, only to trade sideways until after labor market data has been released.

He suggested that the next direction for Bitcoin would likely depend on fresh labor market data, coming out on Nov.1.

Also Read: 3 Reasons Why A Bitcoin All-Time High Before The Election Is Back In Play

Why It Matters: Cowen’s predictions suggest that major economic and political events can have a direct impact on market trends. He highlighted the importance of the labor market report and election results.

These forecasts come in the wake of a $555.8 million in Bitcoin spot ETF inflows on Monday.

On Oct. 14, Cowen noted that Bitcoin is holding the bull market support band for the last few weeks. He had then predicted if "late-October seasonality kicks in (which is usually bullish), the $67,000-$68,000 area could be next."

What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.

Read Next: 

• Bitcoin Spot ETFs Saw $555.8M Net Inflows On ‘Monster’ Monday

Image: Shutterstock