
The crypto community and many of its most prominent players have begun to turn their attention to the Bitcoin halving, a 4-year cyclical event that reduces the Bitcoin market supply by half. With the next halving event scheduled for April 2024, Bitcoin mining rewards will be reduced from the current 6.25 BTC per block to 3.125 BTC per block.
Binance CEO Changpeng Zhao posted an X (formerly Twitter) post on Twitter, setting a countdown to the next halving, reminding everyone that there are only 135 days left until the next BTC halving event.
#bitcoin Soon halved. pic.twitter.com/xp4mWyMKkD
— CZ Binance (@cz_binance) November 19, 2023
Historically, Bitcoin halvings have also been associated with bullish momentum in Bitcoin prices due to supply and demand dynamics, with supply halving amid growing demand pushing Bitcoin prices to new pre- and post-halving highs.
The last bull cycle started in 2020 and halved in May 2020. Two months before the halving, BTC price fell below $10,000. However, the bullish momentum ahead of the halving pushed BTC price past the previous cycle’s all-time high of around $17,000. Post-halving, BTC price broke out of parabolic momentum and hit an all-time high of over $69,0000.
Technical analyst “Rekt Capital” with the account name “X” also elaborated on Twitter about the different stages of the BTC bull market cycle. Analysts divide the timeline into pre-halving and post-halving events, noting that pre-halving rallies tend to occur approximately 60 days before the halving as investors tend to “buy the hype” to “sell the hype” news”. “
However, this euphoric price surge before the halving was followed by a retracement at the actual halving. In 2016, the retracement before the halving was -38%, while the retracement before this halving was -20%.
The pre-halving retracement was followed by a multi-month re-accumulation phase where BTC price began to accumulate further. Many investors get stuck at this stage because they feel bored, impatient, and disappointed at the lack of significant results from their BTC investments after the halving.

The accumulation phase was followed by a parabolic surge, with Bitcoin breaking out of reaccumulation territory and hitting new highs. During this phase, Bitcoin experienced accelerated growth and hit all-time highs.
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