#BTC再创新高 【Halving Cycle and Historical Patterns of New Highs Validation】On the eve of the fourth halving (April 2024), it broke the previous high, breaking the historical pattern of "new highs only occurring one year after halving." Glassnode data shows that this cycle reached the milestone 9 months ahead of schedule. This unusual phenomenon is due to: 1) Institutional investors positioning themselves in advance for the halving market; 2) Global liquidity expectations shifting towards easing; 3) On-chain data shows long-term holders locking in supplies, leading to a continuous tightening of circulation. Historical data indicates that the average increase in the 12 months following a halving is 300%, and the current breakout may just be the beginning of a new super cycle.