The issue with the current Bitcoin market, in my opinion, is that it entered a bull market too early. Typically, halvings, which occur every 210,000 blocks, are part of the accumulation phase. However, the 2024 halving (block 840,000) is happening during the bull market phase.
This means we've been front-running the market, but the conditions weren't fully ripe for a sustainable upward move yet. The result? We’re in a situation where the market pushed ahead prematurely, without the necessary accumulation phase to build a solid foundation for the bull run.
