Crypto strategist Benjamin Cowen warns that Bitcoin's breakout above $70,000 could be delayed if it follows the monetary policy view instead of the cyclical view. He believes Bitcoin's reaction at the $70,000 level will determine which view prevails. Cowen suggests that US labor market data, scheduled for release on November 1st, could dictate Bitcoin's short-term direction. He warns that if the labor market numbers disappoint, Bitcoin could experience a capitulation event and witness a quick dump before potentially finalizing in December. At the time of writing, Bitcoin is trading at $71,239, up nearly 5% in the past day.



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