Galaxy Research Director Alex Thorn notes that while Bitcoin briefly topped $126,000 in October, inflation-adjusted analysis shows the real value does not breach $100,000. In 2020-dollar terms, the record is a nominal peak rather than a genuine inflation-adjusted high.

Thorn explains that the Consumer Price Index (CPI) purchasing power has eroded annually since 2020, meaning nominal highs may overstate gains when viewed through a macro lens. If Bitcoin’s price is translated into 2020 dollars, it has not cleared the $100,000 threshold.

For market participants, the takeaway is to prioritize inflation-adjusted metrics and macro context when evaluating all-time highs in Bitcoin. This perspective supports disciplined risk management and clearer interpretation of price data in volatile crypto markets.