Bitcoin $BTC is not only the first cryptocurrency in the world: it is the emotional, financial, and narrative thermometer of the entire crypto ecosystem. And if anything has been demonstrated throughout its history, it is that it operates in cycles. In 2025, we are witnessing how a well-known pattern is repeating, but with nuances that make it unique.
The halving in April 2024 reduced the block reward from 6.25 to 3.125 BTC. Historically, these events tend to create scarcity in the supply of new BTC, which combined with constant (or growing) demand has driven significant rallies in the 12-18 months following. In 2020, for example, the halving was the prelude to the rally towards $69,000. Are we on the verge of something similar?