Bitcoin could be worth less than $20K in 2023, US inflation data says

Bitcoin (BTC) is still worth $20,000 almost 6 years after very first reaching it– if changed for inflation.According to information from sources consisting of U.S. Inflation Calculator, BTC price efficiency has de facto stayed fixed because 2017. BTC price “hardly above” 2017 old all-time highWhile criss-crossing the $20,000 mark since tapping it as an all-time high in 2017, BTC/USD has actually gone as high as $69,000 in the meantime.Taking inflation into account, nevertheless, the story of BTC price action looks extremely different. As of Aug. 25, 2023, $20,000 worth of BTC acquired in 2017 is now worth $24,942. Put another method, the existing Bitcoin spot rate– $26,050 per information from Cointelegraph Markets Pro and TradingView– reflects 6 years of virtually fixed BTC cost action.BTC/ USD 1-month chart. Source: TradingView”In inflation adjusted dollars, bitcoin is barely above the 2017 market peak,” BTCGandalf, the anonymous marketing officer at Bitcoin mining company Braiins, acknowledged on the subject this week.Responses on X further noted that this calculation was based on main inflation numbers, implying that in genuine terms, BTC/USD might even be lower than its previous cycle peak.Others concluded– perhaps wryly– that the numbers highlighted Bitcoins ability to function as a store of value, while BTCGandalf added that he was “shocked” that the problem had actually not received much publicity.According to U.S. Debt Clock, national debt presently stands at over $32.7 trillion.U.S. Inflation Calculator data (screenshot). Source:  usinflationcalculator.com Bitcoin”bearadise”might follow Jackson HoleU.S. inflation on the other hand continues to be a central focus for danger asset investors, consisting of crypto bulls.Related: Bitcoin on the method to bearadise?$20K is back as a BTC cost targetWith main data pointing to a slowdown, hopes are being pinned on the Federal Reserve to match financial policy with viewed reality.On Aug. 25, Fed Chair Jerome Powell will deliver a statement on policy at the annual Jackson Hole Economic Symposium– an occasion keenly eyed by those trying to find a break of the present BTC price status quo. “Prepared for a test of the lows and the capacity for some whipsaw volatility,”Keith Alan, co-founder of keeping an eye on resource Material Indicators, composed in part of an X post on the day. “A double bottom is a great structure to bounce. A lower low paves the method to bearadise.” An accompanying chart revealed the BTC/USD order book on Binance still doing not have considerable liquidity above$25,000, increasing the opportunities of fast moves.BTC/ USD order book data for Binance. Source: Keith Alan/XThis article does not contain investment guidance or recommendations. Every investment and trading move involves threat, and readers should conduct their own research study when deciding.