In the first cycle (from the second half of 2012 to 2016), the price of bitcoin rose sharply within 132 days after the halving, the landmark event was April 9, 2013, when the price increase behavior was interpreted as a reaction to scarcity and speculation, and then it entered the disillusionment phase, which is the second phase of the cycle, when the price volatility becomes violent, usually a peak is followed by a significant decline, the market may overheat at this stage, and then the price falls sharply for various reasons. Finally, there is the accumulation stage, which will be out of this accumulation stage in more than two weeks.