The Bitcoin Bear Market of 2022 Through 2023

The Bitcoin bear market of 2022 through 2023 was a doozy. The halving is nigh, which reduces the issuance rate of new Bitcoins. It's not hard to see why holding demand constant, a downward supply shock forces an upward recalibration and price. Some day Bitcoin will outgrow its four-year price cycles but until then, it's deja vu all over again.