According to an analyst who reminds of 2019, Bitcoin may face difficulties in the last quarter.

Cryptocurrency analyst Benjamin Cowen warns that the US unemployment rate could have a significant impact on Bitcoin (BTC).
Cowen says if the US unemployment rate continues to rise by the end of the year, Bitcoin could remain in a bear market due to the historical correlation between risky assets and employment data.
The analyst said, “If this rate follows the cycle in 2000, the unemployment rate could be 4.8% to 4.9% by the end of the year. If the unemployment rate reaches 4.9% by the end of the year, it also suggests to me that Bitcoin probably won't break its lower price structure.”
Let's look at the 1990s. There was an economic downturn in the 1990s, but the S&P 500 only dropped about 20%, which wasn't so bad. But still, the unemployment rate could have been 4.6%.
Bitcoin's pattern reminded us of 2019.
Cowen also pointed out that Bitcoin exhibited a pattern similar to a model observed in 2019. According to this pattern, BTC recorded lower highs and lows on a monthly time frame, and then broke out and made an upward move.
Pointing out that the movement of Bitcoin is tied to the labor market, the name reminded us that some analysts had said six months ago that Bitcoin would be $100,000. Cowen added, "If you remember March, many people didn't predict that Bitcoin would experience lower peaks and troughs with a slowly declining process, like in 2019. It's not surprising that this situation has gone unnoticed due to the continued dominance of Bitcoin."
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