Inflation To Push Bitcoin Higher, Analyst Says | CryptoGazette
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The crypto markets are slowly but surely recovering following more corrections. Bitcoin is also holding above previous resistance levels, and at the moment of writing this article, BTC is trading in the red.
The coin is currently priced at $43,507. More analysts have been dropping optimistic price predictions for Bitcoin and the altcoins these days, and below, you can check out the latest one.
New Bitcoin prediction is out
Crypto analyst Justin Bennett says he expects inflation to taper off but not before investors who own risk assets see their portfolios rise in value once more.
Bennett has recently said that cryptos, equities, and commodities are likely to surge, but the rally won’t last forever.
“I continue to think we see one last leg higher for risk assets in 2022 as inflation numbers start to tick lower later this year. It’s an unpopular opinion, but that makes it all the more likely.”
The analyst also made sure to include a graphic from the New York Fed Survey of Consumer expectations while observing,
“But transitory inflation is just a meme, right?”
As the online publication the Daily Hodl notes, Bennett next cited a recent Reuters article that says consumer inflation expectations have gone down for the first time in 16 months.
He said the following:
“It’s already starting…”
The chart guru also addressed the way in which Bitcoin (BTC) stacks up against the dollar index (DXY), which compares the USD to a basket of other fiat currencies. Check out the original article in order to learn more details.
More optimistic crypto predictions
In a new strategy session, Tone Vays explained that the BTC charts look good so far, but he’s keeping his eyes on a pair of resistance levels that need to fall to push Bitcoin’s price higher.
Vays also says BTC is almost about to set off a bullish signal on the Lucid SAR – this is a variation of the Parabolic SAR, a directional trend indicator.
“Weekly chart, this is looking good. We still have a long way to go until the end of the week.”
Stay tuned for more news.
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