4 stages of Bitcoin halving 
1. Rally before halving
Pre-halving rallies tend to start approximately 63 days before the Bitcoin halving (light blue)
Bitcoin even broke out of the re-accumulation range slightly early in this cycle
Nonetheless, history has largely repeated itself in this regard
Currently, there are about 49 days until the halving in April 2024
In anticipation of halving, investors 'buy the hype' to 'sell the news'
Short-term traders and speculators "buy into the hype" in the weeks leading up to the halving, hoping to profit from this hype-driven rally
These speculators then "sell the news" to realize profits, thus contributing to the pre-halving retracement that occurs only weeks before the halving event.
2. Retracement before the final halving
After the pre-halving rally ends...
Pre-halving retracements tend to occur weeks before the halving event (dark blue circle)
In 2016, the retracement depth before halving was -38%
In 2020, the retracement depth before halving is -20%
The pre-halving pullback could last for weeks, leaving investors questioning whether the halving is a bullish catalyst for prices
3. Re-accumulation after halving
Pre-halving retracement followed by multi-month re-accumulation (red)
This period can be up to 150 days (i.e. 5 months)
Many investors are struck by boredom, impatience, and disappointment at this stage due to the lack of significant results from their BTC investments after the halving
4. Parabolic uptrend after halving
Once Bitcoin breaks out of the re-accumulation zone, it breaks out of the parabolic uptrend (green)
It is during this phase that Bitcoin experiences accelerated growth on its way to new all-time highs
