The analyst says that the time for bitcoin is approaching quickly, and highlights one of the factors that can dictate the direction of BTC
Analyst Benjamin Quinn says that American economic data can determine the course of Bitcoin (BTC) in the coming months.
In a new video, Quinn Recount Its 863,000 subscribers from YouTube subscribers are close to Bitcoin to “the time of decision” as traders and investors are waiting for the NFP salary report to be issued on February 7.
The NFP report reveals the number of added or lost jobs in the United States, with the exception of those in the agricultural sector. Participants in the market uses data to measure economy health in the country.
According to Kenwin, Bitcoin can turn up if the unemployment rate remains at the same level or less than the same level of last month’s reading by 4.1 %.
“If the unemployment rate is fine … 4.1 %, 4.2 %, I think it is likely that bitcoin will lead to another move.”
On the potential goals of bitcoin, the widely followed analyst says,
“Labor data comes next week. It seems that Bitcoin has done the same precise thing that I did last year. The question is, can he simply follow up and get that upcoming leg higher? Maybe I say somewhere between $ 120,000 to 140,000 Dollars, 150,000 dollars.
Quinn also says that there is a possibility to reach the top of a course within two months based on historical data.
“Therefore, there is always an opportunity that if you get another gathering in February or March, this may lead to the highest market cycle depending on an aggressive range. Remember [during the] The last session, the upper part was mainly in April [of 2021]”
Bitcoin is trading at $ 102,491 at the time of this report.
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