Crypto strategist Benjamin Cowen has issued a warning that a specific macroeconomic data point could hinder Bitcoin’s breakout above the $70,000 mark. Cowen believes that Bitcoin’s reaction to reaching this psychological level will determine whether it follows a cyclical or monetary policy view. He notes that historically, Bitcoin has rallied during the fourth quarter of a halving year, but if it follows the monetary policy view and considers macroeconomic data, the anticipated breakout surge could be delayed by several months. Cowen states that BTC’s next major move may depend on the release of US labor market data on November 1st. If the labor market numbers disappoint, Cowen warns that Bitcoin could experience a capitulation event. At the time of writing, Bitcoin is trading at $71,239, showing a nearly 5% increase in the past day.