Since its inception, Bitcoin has moved in clearly structured 4-year cycles, defined by the so-called halving event. In a halving, the amount of newly created Bitcoin per block is cut in half — a fundamental element of the Bitcoin protocol that occurs roughly every 210,000 blocks (about every four years). This programmed supply reduction, combined with stable or rising demand, has regularly led to a revaluation of Bitcoin’s price. Each cycle typically goes through three phases: 1) Bull run after the halving (green) A supply shock initially causes the price to climb slowly. As the cycle progresses, momentum builds (media attention, mass psychology, etc.) until the so-called cycle top is reached. 2) Bear market after overheating (blow-off top) (red) Following the preceding exponential price surge, the market experiences a sharp decline (profit-taking, liquidations, etc.). Historically, corrections of over –80% have been common. 3) Reaccumulation/recovery before the halving (...