The 70k ATH was already topped in March, and then several times later. March was before the halving.

Halvings themselves aren't that important (the April 2024 halving reduced supply inflation from 1,6% to 0,8% per year). What's important though is that Bitcoin's supply inflation thanks to past halvings (i.e. the halving schedule) is already very low, and thus a rise of demand will be reflected in its price.


Yes and no.

Short-time price movements can be triggered by news. The COVID crash and the Trump victory, but also the dip triggered by fears related to "MtGox" and "Germany" in August are examples. Bitcoin's price is immerse in an attention economy, where buyers and sellers will come and go, and they are definitely triggered by news in some cases. It would be too much of a coincidence that the ATH push over $73600 occurred just in a moment in the US election night when the incoming results slowly but very steadily hinted at a Trump victory.

But I agree that the general uptrend is indeed a simple function of Bitcoin's relatively static supply and a growing demand and network effect. I only dispute the mid-term influence of halvings themselves (after 2016).