CryptoCon, an anonymous crypto analyst, pointed out that BTC reached mid-cycle peaks in 2016 and 2020, followed by months of sideways trading before finally breaking higher towards the end of the year. Bitcoin's halving event occurs automatically every four years, reducing the issuance of new tokens by 50%. This is widely believed to affect Bitcoin's supply and create scarcity. This year, BTC peaked at $73,000 in March before falling back about 33% to reach 8%.