Analysis

According to KOL Justin Bennett, inflation could help BTC rally for the last time this year

Prominent analyst Justin Bennett said he expects inflation to ease, but not before investors who own riskier assets see their portfolios rebound in value.

Justin Bennett to speak with his 98,300 Twitter followers that cryptocurrencies, stocks and commodities are likely to rise, but the rally won’t last long.

“I think we will see a final rally in risky assets in 2022 when inflation eases later this year.

It’s an unpopular opinion, but that makes it more likely.”

The analyst cited an image from the New York Fed Survey of Consumer Expectations.

“Inflation is just a meme, right?”

The source: Justin Bennett/Twitter

Next Bennett quote A recent Reuters article said consumer inflation expectations fell for the first time in 16 months. I said:

“It began…”.

The analyst also looks at how Bitcoin (BTC) is moving against the Dollar Index (DXY), an index that compares the USD to a basket of other currencies.

He provided a chart highlighting BTC highs versus DXY lows over the past 11 years and said:

“DXY is very important for BTC.”

The source: Justin Bennett/Twitter

Referring to the prospect of a “decreasing engulfing pattern,” which often signals prices are about to decline, Bennett said:

“DXY is consolidating after creating a bearish engulfing pattern in the first week of February.

Above 97.30 is bullish. Below 95.13 is bearish.

I want it to break 95.13 for better crypto performance. Short term target for BTC.”

The source: Justin Bennett/Twitter

The strategist concludes his analysis with a look at the November 2021 Bitcoin chart. He believes BTC is poised to break out of the year open at $46,200 and move back towards $50,000.

“The moment for BTC to break above the yearly open of 46,200 has arrived.”

The source: Justin Bennett/Twitter

At the time of writing, Bitcoin is trading at $43,460, down 1.62% in 24 hours.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

10 minutes ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

1 hour ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

2 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

2 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

4 hours ago

Bonk’s ICO Was Just the Start: Why BTFD Coin’s Stage 7 Price Rollback Is Your Second Shot at Crypto Glory

BTFD Coin is offering a chance to relive the glory days of meme coin investing,…

5 hours ago

This website uses cookies.