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bitcoin inflation

This Chart Says Bitcoin Is A Leading Indicator For Inflation

Tony "The Bull" Severino, CMT
by Tony "The Bull" Severino, CMT
2 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

A new price chart comparing Bitcoin (BTCUSD) with the US Consumer Price Index (CPI) could suggest that BTC is a leading indicator for inflation. 

And if what the chart signals is accurate, inflation could be coming back in a major way. 

Does Bitcoin Lead Rising And Falling Inflation?

Back in 2020, Bitcoin price set new all-time highs amid a growing inflation hedge narrative and an unprecedented increase in the money supply. Other cryptocurrencies followed.

The idea was that the limited supply of BTC should cause the asset to appreciate against the declining buying power of the dollar. “The fastest horse in the race against inflation” and “gold in the 1970s,” Paul Tudor Jones famously said.

Related Reading: The Top 10 Reasons To Buy Bitcoin, According To ChatGPT

Except the US Federal Reserve began raising interest rates aggressively and a deflationary phase sucked the value out of just about all assets, Bitcoin included. It also managed to slightly tame inflation, which has since come down. 

Not only did pundits claim BTC had failed at being an inflation hedge, they said it was dead (again). Proponents of that narrative ended up with egg on their laser-eyed faces. However, a new chart comparison says that these people weren’t wrong, they were just early, and so was Bitcoin. 

bitcoin inflation

BTCUSD Versus CPI | Source: Elliott Wave International

Crypto Pro Compares BTC Against CPI

In a new chart shared by Elliott Wave International as part of a free video hosted by Crypto Pro Service analyst Tony Carrion, Bitcoin appears to be a leading indicator for inflation. 

Bitcoin rallied ahead of the Consumer Price Index (CPI) increasing by several months to a year. The CPI is a key measure of inflation in the United States.  The top cryptocurrency also fell hard ahead of inflation cooling late last year. Now Bitcoin is turning back upward. Could this be a sign that inflation once again follows?

Related Reading: Billionaire VC Tim Draper Tells Businesses To Keep Payroll In BTC

If so, inflation could begin rising in another several months to a year now that Bitcoin is picking up steam. However, if the leading and lagging correlation between the BTC and the Consumer Price Index means something and remains, a massive Bitcoin rally to new all-time highs would ultimately lead to soaring inflation at record levels. 

Elliott Wave International regularly releases exclusive cryptocurrency updates and analysis as part of their Crypto Pro Service. Tony Carrion is an analyst and educator from the Crypto Trader’s Classroom. To learn more, check out the official website. 

Follow @TonyTheBullBTC on Twitter or join the TonyTradesBTC Telegram for exclusive daily market insights and technical analysis education. Please note: Content is educational and should not be considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Tony "The Bull" Severino, CMT

Tony "The Bull" Severino, CMT

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Tony "The Bull" Severino, CMT, a technical analyst and Head of Research at Bitcoinist. As the founder of CoinChartist.io, an educational platform for crypto traders focused on technical analysis, Tony provides his expertise to help others understand and apply this methodology. He has partnered with industry leaders like Elliott Wave International and TradingView. Through his partnerships, educational resources, and leadership roles, Tony has established himself as an authority on leveraging technical analysis to trade cryptocurrencies.

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