Analyst Makes Stunning Claim: “Bitcoin Never Actually Surpassed $100,000!” Here’s Why

Bitcoin reached new all-time highs in 2025, most recently surpassing $126,000. However, it was claimed that Bitcoin actually failed to break above $100.

According to one analyst, while Bitcoin has nominally reached its all-time high of $126,000, when price increases are factored in, it hasn’t actually surpassed the $100,000 mark.

Galaxy Digital research head Alex Thorn stated that although Bitcoin has reached a record high nominally, the inflation-adjusted BTC price is still below $100,000.

Thorn noted that when inflation is taken into account, Bitcoin’s true value has never exceeded a six-figure number, stating that after applying the 2020 CPI, Bitcoin’s actual highest level this year was $99,848.

“If you adjust the Bitcoin price for inflation in 2020 dollars, BTC never actually surpassed $100,000. In fact, it peaked at $99,848 in 2020 dollars.”

When asked why he chose 2020 as a starting point, Thorn said that year immediately preceded the Fed’s massive money printing in response to Covid.

Thorn also stated that in his Bitcoin price calculations, he factored in the gradual decline in purchasing power with every CPI data release from 2020 to the present.

*This is not investment advice.