The most anticipated data will be the non-farm employment report from the US, which will be published on Friday morning. Currently, the market expects a weak result of only 154,000 jobs, well below the previous figure of 227,000. This will strengthen expectations that the Federal Reserve will reduce its pace of tightening or lean towards a more flexible policy, which will boost cryptocurrencies.
Before that report, other important indicators will be released: on Tuesday morning, the ISM services and JOLTs job openings; on Wednesday morning, the ADP employment report. These data are essential to anticipate the state of the labor market. If they show significant cooling or economic slowdown, Bitcoin could start rising immediately.
Additionally, on Thursday, the US stock markets will be closed for a day, which could slightly affect capital flows towards Bitcoin ETFs. Therefore, next week is divided into two parts:
The first part will be from tomorrow to Wednesday, with the PMI data, job openings, and ADP employment. This data will drive the price of Bitcoin from the current $97,000-$98,000, first breaking the resistance at $99,500 and then advancing towards $110,000.
The second stage begins on Thursday with the release of this week's initial unemployment claims and culminates on Friday with the non-farm employment report. On Thursday, market volatility is likely to be relatively lower, but on Friday we will certainly see a strong increase in the market.
At this stage, the price of Bitcoin will exceed $120,000, allowing us to reach the profit target set for next week.