The consensus is that halving is bullish as it halves the pace of supply expansion, creating a demand-supply imbalance in favor of a price rise, assuming the demand side remains unchanged or strengthens. Bitcoin chalked out stellar rallies, setting new record highs over 12-18 months following the previous halvings, which occurred in November 2012, July 2016, and May 2020.
![Bitcoin Becomes More Volatile Than Ether as Halving Approaches Bitcoin Becomes More Volatile Than Ether as Halving Approaches](https://www.coindesk.com/resizer/1KyN1-9_XbMbNTxHaz8flF61GW0=/1200x628/center/middle/cloudfront-us-east-1.images.arcpublishing.com/coindesk/RLO3LGW4PZHPDCNLR4YU3BCJXY.jpeg)