Since the halving is programmed to occur every 210,000 blocks, it creates a distinct time frame between these events that lasts about four years. In these four years, there has historically been a peak price, a trough price, a bull portion of the cycle, and a bear portion of the cycle. The most price appreciation has historically been in the month preceding and following the halving. This is a result of the supply shock that the halving creates. After the new supply/demand equilibrium is reached, the price peaks and then a drastic sell-off occurs until the BTC price finds its bottom or trough. This is usually 12-18 months after the halving. Once we get to the bottom, the price chops around, then steadily rises until we get close to the halving, and the cycle repeats.
Bitcoin Halving Promises New Market Dynamics as Miners Adjust to Reduced Rewards
