The Historical Post-Halving Playbook
The pattern is remarkably consistent across all three prior halvings:
2012: Sideways for ~6 months, then the real move started.
2016: Several months of chop before the 2017 blow-off.
2020: Five months of range-bound trading before the October breakout to $69,000.
We're now 12 months into the 2024 cycle. The script is following closely. History suggests the next phase could still be ahead.
What's Different This Cycle
The supply side is mechanically tighter than ever: daily new issuance down to ~450 BTC. Spot ETFs are absorbing more than that on many weeks.
On-chain metrics show exchange balances at multi-year lows while long-term holder supply keeps rising. BlackRock and Fidelity aren't selling.
Policy has also shifted dramatically. The new administration's pro-crypto rhetoric and likely regulatory relief remove a major overhang.
Why We Respect the Price Action
Consolidation phases like this are healthy — they burn out leverage, reset sentiment, and allow patient capital to build positions.
The fact that price has held the mid-$80,000s through multiple tests this year, despite macro noise and profit-taking, speaks to underlying bid strength.
We're not pounding the table for all-in exposure. But ignoring the combination of reduced supply, institutional inflows, and historical precedent would be foolish.
Bottom Line
This post-halving consolidation looks textbook. The supply dynamics and institutional flows are doing what they're supposed to do — tightening the screws slowly while the market builds a base.
We remain fundamentally skeptical of Bitcoin as a long-term store of value, but the near-term momentum setup is hard to dismiss. History and data suggest upside potential remains intact.