The 2025 Bitcoin halving effect may not be fully priced in yet. Historically, halvings (2012, 2016, 2020) saw prices peak 12-18 months post-event, driven by reduced supply and rising demand. The 2024 halving (April) followed a pre-halving rally, unlike past cycles, possibly due to spot Bitcoin ETFs and institutional adoption. Current trends show consolidation, mirroring 2020’s post-halving phase, suggesting a potential markup in 2025. However, unique factors like ETF inflows and macro conditions could accelerate or delay the effect compared to historical patterns.