Definition. Price as a % of its level at each Bitcoin halving, with all epochs aligned at the halving date. 100% marks the halving-day price. The palette is recency-anchored: the current epoch is black, with older epochs in progressively lighter colors (blue, green, amber, red).

Technical. Each trace rebases price to its epoch anchor and time-shifts it so all anchors align (log scale, percent):

• Epoch Performance = Price / Price at epoch anchor
• Anchors: Epoch 1 (50 BTC era) from the start of price history in July 2010; Epoch 2 (25 BTC) 2012-11-28; Epoch 3 (12.5 BTC) 2016-07-09; Epoch 4 (6.25 BTC) 2020-05-11; Epoch 5 (3.125 BTC, black) 2024-04-20

Interpretation. Halvings cut the rate of new issuance in half and delimit Bitcoin's supply epochs, making them natural reference points for cycle comparison. Overlaying epochs from the halving date shows how price behaved under progressively tighter issuance: each epoch has historically produced a bull-market peak within roughly 12-18 months of the halving, but with successively smaller multiples of the halving-day price — the diminishing-returns pattern that accompanies a growing market capitalization. The epoch framing complements the low- and ATH-anchored views by fixing the anchor to a supply event rather than a price extreme, removing hindsight bias from the anchor choice. Whether halvings cause the subsequent cycles or merely coincide with them remains an open debate; the chart documents the pattern without settling the mechanism.

Notes. Companion views: Price Performance Since Cycle Low and Price Performance Since Cycle ATH. Ethereum's performance over the same epochs is charted in ETH Price Performance Since Bitcoin Halving. Built from Price.