Six years after first reaching $20,000, Bitcoin (BTC) is still worth $20,000 — if adjusted for inflation.

Based on data from sources including US Inflation CalculatorBTC price performance has actually It has remained unchanged since 2017.

BTC Price ‘Slightly Above’ 2017 All-Time High

Since its all-time high in 2017, BTC/USD briefly broke the $20,000 mark, but at the same time, its price has reached as high as $69,000.

However, when inflation is taken into account, things look very different for Bitcoin’s price action. As of August 25, 2023, $20,000 worth of BTC purchased in 2017 is now worth $24,942.

In other words, the current bitcoin spot price — $26,050 per data from Cointelegraph Markets Pro and transaction view —reflects the nearly static movement of Bitcoin’s price over the past six years.

BTC/USD 1-month chart. Source: TradingView

“Bitcoin is only slightly above its 2017 market peak in inflation-adjusted dollars,” said BTC Gandalf, an anonymous marketing officer at bitcoin mining company Braiins. admit About this week’s topic.

X’s reply further stated that this calculation is based on official inflation data, which means that in real terms, BTC/USD may even be lower than the previous cycle’s peak.

Others concluded (perhaps ironically) that the numbers underscored Bitcoin’s ability to serve as a store of value, while BTCGandalf added that he was “surprised” that the issue didn’t get much publicity.

according to US Debt ClockCurrently, the national debt exceeds $32.7 trillion.

US Inflation Calculator data (screenshot). Source: usinflationcalculator.com

Bitcoin ‘bearadise’ may come after Jackson Hole

Meanwhile, U.S. inflation remains a focus for risk asset investors, including cryptocurrency bulls.

Related: Is Bitcoin Heading For A ‘Bear Market’? $20,000 is back as a BTC price target

With official data pointing to a slowdown in the economy, hopes have been placed on the Fed to match economic policy with reality.

On Aug. 25, Federal Reserve Chairman Jerome Powell will deliver a policy statement at the annual Jackson Hole Economic Symposium, an event that is closely watched by those seeking to disrupt the current status quo for BTC prices.

“Get ready for testing lows and potential jagged swings,” said Keith Alan, co-founder of monitoring resource Material Indicators. wrote Part of X’s post of the day.

“A double bottom is a good base for a rally. Lower lows pave the way for a whisker.”

The accompanying chart shows that BTC/USD order books on Binance still lack significant liquidity above $25,000, raising the possibility of rapid volatility.

BTC/USD order book data for Binance. Source: Keith Alan/X

This article does not contain investment advice or advice. Every investment and transaction involves risk, and readers should do their own research when making a decision.