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Bitcoin (BTC) remains valued at $20,000 nearly six years after it first achieved this milestone — when adjusted for inflation.
Data from sources such as the U.S. Inflation Calculator indicates that BTC’s price performance has effectively remained unchanged since 2017.
BTC price "slightly above" 2017 previous all-time high
Since reaching its all-time high of $20,000 in 2017, BTC/USD has fluctuated around this threshold, peaking at $69,000 during that period.
However, when factoring in inflation, the narrative surrounding BTC’s price movement appears significantly different. As of August 25, 2023, $20,000 worth of BTC acquired in 2017 is now valued at $24,942.
In other terms, the current Bitcoin spot price — $26,050 according to data from Cointelegraph Markets Pro and TradingView — illustrates six years of largely stagnant BTC price movement.
BTC/USD 1-month chart. Source: TradingView
“In inflation-adjusted dollars, bitcoin is only slightly above the 2017 market peak,” BTCGandalf, the anonymous marketing officer at Bitcoin mining firm Braiins, remarked on the subject this week.
Comments on X further highlighted that this assessment was based on official inflation statistics, suggesting that in real terms, BTC/USD might even be below its previous cycle peak.
Others concluded — perhaps with a hint of irony — that these figures emphasized Bitcoin’s capacity to serve as a store of value, while BTCGandalf expressed his “surprise” that the matter had not garnered more attention.
As per the U.S. Debt Clock, the national debt currently exceeds $32.7 trillion.
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U.S. Inflation Calculator data (screenshot). Source: usinflationcalculator.com
Bitcoin "bearadise" may follow Jackson Hole
U.S. inflation remains a primary concern for investors in risk assets, including those bullish on crypto.
Related: Bitcoin on the path to 'bearadise?' $20K is back as a BTC price target
With official figures indicating a slowdown, expectations are building that the Federal Reserve will align economic policy with perceived realities.
On August 25, Fed Chair Jerome Powell is set to make a statement regarding policy at the annual Jackson Hole Economic Symposium — an event closely watched by those seeking a shift in the current BTC price landscape.
“Prepared for a test of the lows and the potential for some whipsaw volatility,” Keith Alan, co-founder of monitoring resource Material Indicators, noted in part of an X post on that day.
“A double bottom is a solid foundation to bounce. A lower low sets the stage for bearadise.”
An accompanying chart illustrated that the BTC/USD order book on Binance still lacks substantial liquidity above $25,000, heightening the likelihood of swift price movements.
BTC/USD order book data for Binance. Source: Keith Alan/X
This article does not provide investment advice or recommendations. Every investment and trading decision carries risk, and readers should perform their own research when making choices.
