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While the recent rise in Bitcoin’s price has seen it reach a new peak of $73,880 in 2024, this record may not be as impressive when compared to the inflation-adjusted value of 2021. While the peak in 2021 was around $69,000, according to the US inflation calculator, this amount corresponds to around $80,159 in 2024. Therefore, even if Bitcoin’s price hits $100,000, this nominal value could be much lower compared to its purchasing power in 2021.
Bitcoin analyst Luke Broyles notes that BTC reaching $100,000 would only be close to the 2021 peak in inflation-adjusted terms. According to Broyles, even if Bitcoin reaches a nominal value of $100,000, it will not actually be equivalent to its real purchasing power in 2021 due to inflationary pressures.
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In addition, the Bitcoin price is currently around 14% below its previous high, and analysts expect the price to exceed $80,000 in the short term. However, the price needs to break the important resistance level of $65,000. If Bitcoin can make this level support, the long-term downtrend may end and a new uptrend may begin. If the rise continues, the next resistance level is estimated at $71,500.
According to the latest analysis, the price could rise to $86,000. Bitcoin’s price action points to a rising “megaphone” formation, which could potentially signal a breakout to the upside.
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