Benjamin Cowen is a well-known crypto analyst who believes macroeconomic indicators will show that altcoins can chip away at Bitcoin (BTC( ) in the upcoming months.
YouTube is launching a whole new version. videoCowen alerts his 807,000 subcribers to the Sahm Rule Recession Indicator. This indicator tracks the signals that might indicate the beginning of a downturn.
When the indicator is on, it will flash. “the three-month moving average of the national unemployment rate (U3) rises by 0.50 percentage points or more relative to its low during the previous 12 months,” The Federal Reserve Bank of St. Louis. The indicator hit 0.53 percentage points The month of July is a great time to get out and enjoy the outdoors.
Cowen’s explanation
The point is, it sends a message. It means that whether you are a believer in a coming recession or not, looser monetary is about to come. It means that. If looser monetary policies are coming, the dominance of Bitcoin will be fading relatively soon. It could’ve happened in theory, and I believe it will happen at least by September. This is my view, and I think we are starting to understand some of the main reasons.
It is evident that the labour market has weakened. Job openings are low per person who is unemployed. The unemployment rate is back to the pre-pandemic level. The rates have not been cut yet. “I mean, this will only get worse until rates are cut.”
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