What Could Delay Bitcoin’s Next All-Time High?

Analyst Benjamin Cowen holds an optimistic outlook on Bitcoin (BTC), predicting it has the potential to reach $100,000 this year, though he cautions that economic factors could delay this milestone.

Speaking on The David Lin Report, Cowen explained that Bitcoin’s current performance aligns closely with historical trends seen in previous halving years. He highlighted that the year-to-date return on investment (ROI) for 2024 is mirroring averages from past halving years, such as 2012, 2016, and 2020.

According to Cowen, Bitcoin typically doubles in value by mid-halving years and triples by year-end. If this cyclical pattern holds, the cryptocurrency could achieve a six-figure price in the coming months.

However, Cowen emphasized the impact of the labor market on Bitcoin’s trajectory. He noted that the upcoming unemployment rate report could play a decisive role.

A moderate unemployment rate—around 4.1% or 4.2%—would support Bitcoin’s bullish outlook. On the other hand, a sharp rise to 4.3% or higher could delay the $100,000 target until 2025.

Cowen’s analysis underlines the delicate balance between macroeconomic conditions and Bitcoin’s market performance, reinforcing the importance of economic data in shaping its price movements.