Cryptocurrency analyst Benjamin Cowen warns that the rising US unemployment rate could significantly impact Bitcoin.
In a video update to his 814,000 YouTube subscribers, Cowen highlighted the historical correlation between employment data and risk assets.
If the unemployment rate climbs to 4.8-4.9% by the end of the year, Bitcoin might remain in a bear market.
Cowen suggests that Bitcoin could follow a pattern similar to 2019, with lower highs and lower lows before breaking out.