Crypto strategist Benjamin Cowen is cautioning that a particular set of economic data could hinder Bitcoin’s rally above $70,000. Cowen, who has a large following on the social media platform X, believes that Bitcoin’s performance around the psychologically significant $70,000 level will determine whether it follows the cyclical or monetary policy view. He explains that historically, Bitcoin has experienced a surge in the fourth quarter of a halving year. However, if it adheres to the monetary policy view and takes cues from macroeconomic data, the anticipated breakout surge may be delayed by several months. Cowen asserts that if Bitcoin can surpass $70,000 convincingly, it would support the cyclical view. Conversely, if it fails to break above that level and falls back to $64,000, the monetary policy view will likely prevail, and the breakout will not occur until 2025. Cowen suggests that BTC’s next major move may depend on the release of US labor market data on November 1st. He believes that this data will largely dictate the short-term direction of Bitcoin. Cowen previously stated that if the US unemployment rate continues to rise, Bitcoin will likely face bearish conditions. Investors are eagerly awaiting the jobs report data to determine their stance on BTC. If the labor market numbers disappoint, Cowen warns that Bitcoin may experience a capitulation event, resulting in a rapid decline similar to what occurred in April and August of this year. At the time of writing, Bitcoin is trading at $71,239, representing a nearly 5% increase in the past day.