Bitcoin's $100K Milestone Still Unreached When Inflation Is Considered, Galaxy Research Says
Bitcoin's all-time high (ATH) nominal price surpassed $126,000 in October 2025; however, when adjusted for inflation, Bitcoin has not yet crossed the $100,000 threshold. Galaxy Research reports that Bitcoin's inflation-adjusted peak stands at $99,848 in 2020-dollar terms.
Since 2020, the purchasing power of the US dollar has declined by roughly 20%, meaning current prices are approximately 1.25 times higher than 2020 levels, with one dollar today buying about 80% of what it could in 2020. This inflation and the weakening dollar support the narrative of Bitcoin as a debasement trade.
The US Dollar Index (DXY) has decreased by about 11% year-to-date, currently trading near 97.8 after reaching a three-year low of 96.3 in September. Analyst Linh Tran from XS.com notes Bitcoin's price action demonstrates sensitivity to expectations around monetary policy. Disinflation remains slow, and the Federal Reserve is expected to maintain a cautious stance, delaying rapid easing moves.
Furthermore, K33 research notes that long-term holder selling pressure on Bitcoin may be nearing its limits after years of distribution. Meanwhile, the US Consumer Price Index (CPI) rose 2.7% over the 12 months leading up to November, according to the U.S. Bureau of Labor Statistics.
