What Is the Historical Impact of Bitcoin Halvings on Its Market Price?

Historically, Bitcoin halvings have been followed by significant bull runs in the cryptocurrency's market price. This is largely attributed to the sudden supply shock ▴ the issuance rate is cut in half while demand is assumed to remain constant or increase.

This reduction in new supply, coupled with media attention, often triggers a major price appreciation in the months following the event, which is necessary to restore miner profitability.