Justin Bennett Predicts Inflation To Push Crypto Assets Higher In 2022
According to a leading crypto analyst Justin Bennett, inflation is likely to diminish going forward, but he project that it won’t be before investors who own risk assets see their portfolios rise in value.
The analyst shared with his 98.4K followers on Twitter followers that crypto assets, equities and commodities are likely to go up in dollar value, but eventually the inflation will diminish.
“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.”
Bennett shared a graphic from the New York Fed Survey of Consumer expectations, saying:
The analyst also refers to recent article by Reuters, noting that consumer inflation expectations have gone down for the first time in 16 months.
“It’s already starting…
‘One-year inflation expectations decreased for the first time since October 2020, dropping to a median of 5.8% in January from 6.0% in December, according to the New York Fed’s monthly survey of consumer expectations.’”
It's already starting…
"One-year inflation expectations decreased for the first time since October 2020, dropping to a median of 5.8% in January from 6.0% in December, according to the New York Fed's monthly survey of consumer expectations."https://t.co/EqDDjWpt7U
Bennett also looks into how Bitcoin (BTC) performs against the dollar index (DXY), which compares the USD to a basket of other fiat currencies. He points out that BTC and DXY seem to be reversely correlated.
Looking into Bitcoin and where it could be headed, Bennett looks the BTC price action from November last year, and says that a reclaim of $46,500 would send the leading crypto asset above $50,000 levels.
“BTC time to take out the yearly open at $46,200.”
