1Invert with center $A$ and any radius $r$; let $B', C', D'$ be the images of $B, C, D$. The distance distortion gives $B'C' = \dfrac{r^2\,BC}{AB\cdot AC}$, $C'D' = \dfrac{r^2\,CD}{AC\cdot AD}$, and $B'D' = \dfrac{r^2\,BD}{AB\cdot AD}$.
2The ordinary triangle inequality on $B', C', D'$ reads $B'D' \le B'C' + C'D'$ (with equality iff $C'$ lies on segment $B'D'$, i.e. $B', C', D'$ are collinear in that order).
3Substitute the three distorted distances and multiply through by $\dfrac{AB\cdot AC\cdot AD}{r^2}$ to clear denominators: $BD\cdot AC \le BC\cdot AD + CD\cdot AB$.
4Equality holds exactly when $B', C', D'$ are collinear; since a line not through $A$ is the inverse image of a circle through $A$, this is precisely the condition that $A, B, C, D$ are concyclic — recovering Ptolemy's equality as the equality case.