Bitcoin never exceeded $100,000 after adjusting for inflation: Galaxy

Crypto market leader Bitcoin (BTC) hasn’t actually broken the $100,000 mark this year when inflation is taken into account, according to Alex Thorn, head of research at Galaxy.

In a December 23 jobThorn said the crypto has never broken above the six-figure barrier when the BTC price is adjusted for inflation using 2020 dollars.

“It actually topped $99,848 in 2020 dollars, if you can believe that,” he said.

The researcher added that the adjusted price explained the decline in purchasing power since 2020. Specifically, he mentioned the Consumer Price Index (CPI), which has declined gradually with each inflation impression since 2020 until today.

The CPI is used to measure inflation via the prices of a basket of goods and services. It is calculated by the United States Bureau of Labor Statistics to track any changes in consumer spending habits.

In November, the agency reported that the CPI rose 2.7% over the past 12 months, unadjusted, which diminished the purchasing power of the U.S. dollar. In total, the greenback has lost 20% of its value since 2020.

Current situation:

1. US GDP growth hits highest pace since 2023

2. CPI inflation unexpectedly fell to 2.7% last month

3. Trump appoints new Fed chair who will cut rates

4. Oil prices fell to their lowest level since 2021

5. Stock ETFs have attracted a…

– Kobeissi Letter (@KobeissiLetter) December 23, 2025

Bitcoin may not suffer a major crash in the first quarter of 2026

Thorn’s message comes after BTC hit an all-time high of $126,198.07 on October 6, 2023. It has since fallen more than 31% to trade at $87,101.47 as of 1:30 a.m. EST, according to CoinMarketCap data.

BTC Price (Source: CoinMarketCap)

Zooming out on the yearly chart shows that the crypto king’s price has also plunged more than 7% over the past 12 months.

Bitcoin entrepreneur Anthony Pompliano commented on the BTC decline on Tuesday interview with CNBC.

The entrepreneur cited the short-term disappointment of Bitcoin holders that the crypto will not reach $250,000 this year, despite such predictions made by several experts in 2025.

“We didn’t get the peak that I think people were expecting at the end of the third quarter or the beginning of the fourth quarter, but we also didn’t see the big 80% decline that people normally expect,” he said.

“We have to remember that Bitcoin is up 100% in two years. It’s up almost 300% in three years. It’s gotten worse,” Pompliano added.

Pompliano also noted that Bitcoin volatility has decreased significantly compared to previous years. As such, he said that “it would be very surprising” if there was a “70% or 80% withdrawal” during the first quarter of 2026.

VanEck believes Bitcoin will be one of the ‘highest performers’ in 2026

Although BTC may not have rebounded in 2025 as the market expected, and is lagging gold and the tech-heavy Nasdaq 100 stock index, asset manager VanEck believes the crypto could be gearing up for a strong comeback next year.

“Bitcoin is lagging the Nasdaq 100 Index by about 50% year to date, and this dislocation puts it among the top performers in 2026,” David Schassler, head of multi-asset solutions at the asset manager, said in VanEck’s 2026 report. outlook.

This bullish forecast is based on the belief that the increasing devaluation of fiat currency could lead to the return of liquidity to the crypto market, which has seen BTC react “sharply” historically.

The analyst added that VanEck “bought” Bitcoin while its price is low.

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