5 Phases of Bitcoin Halving 1. If a deeper retracement occurs before the halving, it will likely be in the next 140 days or so (orange). In fact, at the same point in the cycle (i.e. ~200 days before the halving) , BTC retraced -24% in 2015 and -38% in 20192. Pre-halving rally Then the pre-halving rally tends to occur about 60 days before the halving (light blue) Expect halving, buy the hype 3. Retracement before halving. Retracement before halving often occurs near the halving event (dark blue circle). In 2016, the retracement depth before halving was -38%. In 2020, the retracement depth before halving was -38%. -20% This pre-halving pullback has investors questioning whether the halving is a bullish catalyst for prices 4. Re-accumulation The pre-halving pullback was followed by multiple months of re-accumulation (red). Many investors at this stage were driven by boredom, Impatient and disappointed and operate haphazardly because of their BTC investment after the halving 5. The rising phase Once Bitcoin breaks through the re-accumulation zone, it will break out of the parabolic uptrend (green). It is at this stage that Bitcoin is moving towards Experienced accelerated growth on the way to new all-time highs