The Historical Pattern:
Halving Event: The supply of new coins is cut.
Accumulation Phase: Price grinds sideways or slowly up as supply tightens.
Bull Market: The supply crunch eventually triggers a powerful price rally. This rally attracts media attention and new retail investors, leading to a period of FOMO (Fear Of Missing Out) and a parabolic price explosion.
Blow-off Top: The market becomes over-leveraged and euphoric, leading to a dramatic peak.
Bear Market: The bubble pops, leading to a severe crash (typically 80%+ from the top) and a long, painful downturn until the next halving approaches.
This cycle was predictable and primarily an internal, crypto-native phenomenon.