Now which stage, the Bitcoin halving process can usually be divided into four stages:

1. The rising period before the halving:
About 60 days or so before the Bitcoin halving, the market tends to show an upward trend. This is because investors will anticipate the halving event, while short-term traders and speculators will actively participate in the hype in the hope of profiting from the price rally.
2. The callback stage before the halving:
After the end of the uptrend before the halving, there is often a period of pullback. This pullback usually occurs a few weeks before the halving event, and its depth and duration vary depending on the situation. Investors may sell their Bitcoin holdings in order to make a profit.
3. Re-accumulation period after halving:
After a pullback before the halving, the market tends to enter a period of reaccumulation for more than a month or even more than a month. During this time, many investors may be bored, impatient, and disappointed due to Bitcoin's poor performance after the halving.
4. Parabolic ascending stage after halving:
Once Bitcoin breaks through the reaccumulation phase, it may enter a parabolic upward trend. At this stage, Bitcoin's growth rate will accelerate, and the market may usher in new all-time highs. This phase can last for more than a year, and market sentiment tends to be high.