2024

Bitcoin

when

Bitcoin’s (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="" target="_self" text="null" title="https://cointelegraph.com/bitcoin-price">BTC)</a> price is only 14% below its all-time high at the moment, and favorable conditions have produced targets of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-weekly-rsi-immediate-85k-btc-price" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-weekly-rsi-immediate-85k-btc-price">over $80,000</a> in the coming weeks.
Yet, a new all-time high (ATH) of around $100,000 might not be as impressive a feat as imagined when adjusting for inflation.&nbsp;
<h2 id="adjusting-bitcoin-price-for-inflation-2021-vs-2024">Adjusting Bitcoin price for inflation (2021 vs. 2024) </h2>
Luke Broyles, a Bitcoin analyst, argues that BTC crossing the elusive $100,000 mark will “barely” match BTC’s buying value in 2021. In an <a data-ct-non-breakable="null" href="https://x.com/luke_broyles/status/1838070921099153549" rel="null" target="null" text="null" title="null">X post,</a> Broyles highlights that, if adjusted for inflation, the ATH price from 2021 will be $83,000 at the moment.
Data derived via the <a data-ct-non-breakable="null" href="https://www.usinflationcalculator.com/" rel="null" target="null" text="null" title="null">U.S. inflation calculator</a> suggests this is fairly accurate. An item bought around $69,000 (assuming people bought BTC at the 2021 top) would currently be priced at $80,159.88, with a current cumulative rate of inflation at 16.2%.&nbsp;
<figure>
 <img alt="Bitcoin’s new price targets of over $80K may not actually be the ‘all-time high’" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01921eb6-dcf5-781b-8216-197bc7c59e18">
 <figcaption style="text-align: center;">
 Bitcoin cost in 2021 vs 2024 comparison. Source: US inflation calculator
 </figcaption>
</figure>
The US inflation calculator measures the dollar’s buying power over a period of time. Keeping that in mind, Broyles adds,&nbsp;
<blockquote>
 “By the time we have the next round of printing in the next 6-18 months, it will be $95,000. $100,000 nominal BTC price in 2025 is (quite possibly) barely getting us to 2021 levels.”
</blockquote>
<h2 id="bitcoin-eyes-65k-for-a-higher-high">Bitcoin eyes $65K for a higher high </h2>
BTC price is up 18% over the past 14 days despite September being a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-sub-50k-correction-september-analysts" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-sub-50k-correction-september-analysts">historically bearish period</a>. Now, Bitcoin is facing its final test before undergoing a bullish trend shift.
<figure>
 <img alt="Bitcoin’s new price targets of over $80K may not actually be the ‘all-time high’" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01921ee3-dca8-7fe9-b60c-80d8602207f7">
 <figcaption style="text-align: center;">
 Bitcoin 1-day chart. Source: TradingView
 </figcaption>
</figure>
As shown in the chart above, Bitcoin has been posting lower highs and lower lows on the one-day chart since March 2024.
Now, Bitcoin is currently looking to flip the resistance/supply zone at $65,000, which will lead to a change of character or ChoCH.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-weekly-rsi-immediate-85k-btc-price" rel="null" target="null" text="null" title="null">Bitcoin weekly RSI sparks 'intermediate' $85K BTC price target</a>
If $65K can be flipped into support, the long-term downtrend should undergo a change, and a higher high, higher low pattern will take shape, producing a new uptrend. Immediate resistance above $65,000 resides around $71,500. 
Last month, Cointelegraph <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-analysts-converge-september-btc-price-breakout-86k" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-analysts-converge-september-btc-price-breakout-86k">reported</a> a potential breakout that could happen in September, which may eventually result in a rally toward $86,000. 
The price action has played out accordingly so far, as a “megaphone” pattern remains in play for a 34.37% upswing over the next couple of weeks. 
<figure>
 <img alt="Bitcoin’s new price targets of over $80K may not actually be the ‘all-time high’" name="" src="https://s3.cointelegraph.com/uploads/2024-09/01921eef-6119-72ef-ac43-6b81a526561a">
 <figcaption style="text-align: center;">
 Bitcoin megaphone pattern. Source: X.com
 </figcaption>
</figure>
The megaphone pattern includes a similar setup of higher highs and lower lows, which can either validate a macro top or macro bottom. At the moment, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/rsi-classic-btc-price-breakout-5-things-bitcoin-this-week" rel="" target="_self" text="null" title="https://cointelegraph.com/news/rsi-classic-btc-price-breakout-5-things-bitcoin-this-week">the price is on the rise</a>, which means Bitcoin is closing in on confirming a bottom and on a potential path to higher prices. 
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

Bitcoin’s new price targets of over $80K may not actually be the ‘all-time high’

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Cointelegraph

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