Bitcoin's Value Stagnant at $20,000, Adjusted for Inflation, Over Six Years
Summary:
Bitcoin's value has remained at $20,000, adjusted for inflation, almost six years after first reaching this level. Despite fluctuations, BTC/USD has shown minimal price movement. The current spot price reflects a period of stagnation. The upcoming statement by Fed Chair Jerome Powell at the Jackson Hole Economic Symposium could impact the BTC price. Limited liquidity on the BTC/USD order book raises the chances of rapid price swings. Please note that this article does not provide investment advice.
Bitcoin (BTC) is maintaining its value at $20,000, taking inflation into account, almost six years after reaching this milestone. Despite briefly surpassing $20,000 as an all-time high in 2017 and reaching as high as $69,000, BTC/USD has shown relatively stagnant price performance. Inflation-adjusted data reveals that $20,000 worth of BTC purchased in 2017 is now valued at $24,942. The current Bitcoin spot price of $26,050 signifies a period of minimal price movement over the past six years. This analysis highlights Bitcoin's potential as a store of value. However, some commentators suggest that considering real inflation, BTC/USD may even be lower than its previous peak. The upcoming statement on policy by Fed Chair Jerome Powell at the Jackson Hole Economic Symposium attracts attention from investors seeking a break in the current BTC price trend. Keith Alan, co-founder of monitoring resource Material Indicators, notes the possibility of rapid price fluctuations due to the lack of significant liquidity above $25,000 on the BTC/USD order book on Binance. Please note that this article does not provide investment advice and readers should conduct their own research before making any decisions.
Published At
8/25/2023 8:20:35 AM
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