- Into The Cryptoverse CEO Predicts Future Bitcoin Price Movements.
- Growing greed warrants caution.
As the long-awaited month of Uptober comes to an end, everyone has only one question on mind: what’s next for Bitcoin (BTC)?
Well, Benjamin Cowen, CEO and founder of Into The Cryptoverse, seems to have the answer. In his last videothe executive highlighted the importance of the last week of the month, saying:
“This week that we are entering into, I believe, will be the decision week on the trajectory of Bitcoin for the remainder of the fourth quarter.”
Down or Up: Where Will Bitcoin Go?
Cowen explained that the royal coin sits at the crossroads between the cyclical view and the vision of monetary policy.
Historically, BTC has seen strong performance in the fourth quarter of its halving.
Barring unfavorable macroeconomic factors, the first trend could push prices higher in Q4 2024. Therefore, if the coin can cross the $70,000 mark with sustained momentum, the cyclical outlook will strengthen.
Conversely, if Bitcoin weakens near the $70,000 mark, falling back to $64,000, the monetary policy outlook could prevail.
This outlook aligns with previous trends where BTC declined after reaching highs in April and August. Thus, this scenario suggests a temporary pullback, with the next significant rally likely delayed until early 2025.
Next report on the labor market: a decisive factor?
But what will decide the fate of the royal coin? The answer is quite simple. The CEO emphasized that labor market data can likely dictate direction in the short term.
Interestingly, AMBCrypto note that in the past, weaker employment reports – signaling fewer jobs added – have often led to Bitcoin rallies.
For example, after the April jobs report released in early May, the economy grew 6% due to a slowing labor market. Conversely, better jobs reports in June and July correlate with falling BTC prices. So, if this trend continues, the next report will prove crucial for BTC’s prospects.
Beyond price action, Cowen pointed out that Bitcoin’s market dominance is approaching a critical threshold of 60%. This stage of dominance speaks to its growing influence and could lead to market-wide adjustments.
BTC Greed Increases
Adding to the heightened anticipation, Bitcoin Fear and Greed Index was recorded at age 72, as of press time.
Source: Alternative.me
It should be noted that high levels of greed often indicate that many investors expect prices to continue to rise, thereby reinforcing bullish sentiment.
However, it also raises concerns that the market may overheat, particularly if external factors, such as regulatory developments or economic data, trigger a change in sentiment and trigger a sell-off.
What does the liquidation heatmap say?
To further explore BTC’s potential near-term path, AMBCrypto analyzed the week clearance heatmap of Coinglass.
The heat map revealed a strong liquidity pool at around $68,900. Thus, in the short term, an evolution towards this magnetic zone can probably materialize.
Source: Coinglass
At this level, the coin faces the possibility of a rejection or a breakthrough, each of which has implications for the market as a whole.
Read Bitcoin (BTC) Price Forecast 2024-2025
Additionally, AMBCrypto’s observations indicated an impending supply shock. This could pave the way for prices to rise significantly, favoring the latter possibility.
