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What and why

First, a review of what the halving is and why it happens.
To keep inflation under control, the bitcoin protocol was programmed with a hard limit of 21 million, with new bitcoins entering the system as an incentive for network processors (“miners”) in a gradual and controlled rhythm. The rate at which they are created is reduced by half every four years, ostensibly to mimic the increased difficulty of gold mining. On Nov. 28, 2012, the initial reward of 50 new bitcoins was halved to 25, and since July 9, 2016, miners have been receiving 12.5 bitcoins for each block successfully processed.
The next reduction, after which the network incentives will be 6.25 bitcoins per block, is expected in May 2020.

(source: Digital Asset Research – statistical model, not price predictions)
The above chart shows that the price (represented by the light blue line) started moving up before each of the previous halvings, and continued for some time after. Yet the data set is limited – the market has only experienced two of these events, and it could be a stretch to assume that the pattern will repeat itself.
That’s where some fundamental supply/demand analysis comes in.....
Nice one