Grafico a candele annuali di Bitcoin

Each candle is one calendar year: green means close above open (up year), red means a down year; wicks span the intra-year close extremes. The log scale makes early 1000x years and recent multiples comparable.

Down years have clustered in the second year after halvings (2014, 2018, 2022), while post-halving years (2013, 2017, 2021) were strongly positive. Small sample — treat as cycle context, not a rule.