Btc halvings are not priced in. There are 2

Main reasons for that

1. Efficient market hypothesis doesn’t work for btc. You can price in the fact that half of new supply is gone every 4 years. People dca’ing and stacking sats aren’t magically going to stop. This sends price up to search for more supply, and then creates a flywheel of more demand

2. Every halving makes btc more scarce. Eventually the only way to get more btc will be through mining the remaining few % of coins left, or to sell a product or service someone will be willing to part with