IMO Bitcoin halvings are not “priced in” for three critical reasons.
1. Many individuals aren’t educated on Bitcoin halvings.
2. Some think Bitcoin’s security is flawed as the block subsidy trends to 0.
3. Today’s price bids bring miners tomorrow who sell to cover OpEx.
There is no nominal supply side response to an increase in the price of BTC, but there is an real supply side response to an increase in the price.
Miners continue mining on the supply distribution schedule, and miners usually sell to at least cover their OpEx.
This trend seems to be diminishing as hardware see’s deflation and electricity trends towards zero over the long run
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Miners being sellers for opex
Daily OpEx sell pressure from miners has likely never been higher.
I guess I meant over like 10-20 years wouldnt we expect hardware and electricity to trend towards zero
