🚦 How is it considered from the theory of cycles?

It is a phase of "readjustment or consolidation" within the market cycle (coming into the accumulation phase or early markup), followed by a reactivation:

During August, there tends to be lower volume, sideways or bearish volatility. It's like a pause before the reexpansion.

The expected rally does not appear during August, but is concentrated in Q4, especially in October-November.

This fits with the classic model: accumulation → markup → distribution → markdown. The August pattern serves as a post-halving accumulation phase, preparing the ground for markup in Q4.