Crypto strategist Benjamin Cowen is cautioning that Bitcoin’s breakout above $70,000 could be derailed by one specific macroeconomic data. Cowen, who has a strong following on social media platform X, believes that Bitcoin’s reaction to the psychological level of $70,000 will determine whether it follows the cyclical or monetary policy view. Historically, Bitcoin has rallied in the fourth quarter of a halving year, but if it follows the monetary policy view, it may be delayed by months due to macroeconomic data. Cowen states that if Bitcoin can surpass $70,000 and sustain it, then the cyclical view will prevail. However, if it fails and drops back to $64,000, then the monetary policy view will likely win out, and the breakout won’t occur until 2025. Cowen suggests that BTC’s next significant move may depend on US labor market data, which is set to be released on November 1st. He emphasizes that the labor market data will play a crucial role in determining BTC’s short-term direction. If the numbers disappoint, it could lead to a capitulation event for Bitcoin. Cowen also notes that investors are eagerly awaiting the upcoming jobs report data before deciding whether to invest in BTC. If the US unemployment rate continues to rise, Bitcoin may face bearish conditions. Cowen warns that BTC could experience another significant drop, similar to what happened in April and August of this year. Currently, Bitcoin is trading at $71,239, with a nearly 5% increase in the past day.