Part 4/12:
Furthermore, the Bitcoin halving doesn't seem to cause the market's parabolic runs. Data from the past cycles show that major bull runs coincide more closely with macroeconomic conditions—like periods of liquidity expansion—rather than supply cuts. For example, the 2013 bull run was driven by quantitative easing (QE) programs launched by the U.S. Federal Reserve and Bank of Japan, which flooded markets with liquidity, lowering yields, and boosting risk assets globally.