Bitcoin halvings, built into the currency's code by Satoshi Nakamoto, have historically preceded new all-time highs by a year or two. These halvings reduce the block reward for miners by half, making bitcoin scarcer in theory. For instance, the upcoming halving will decrease the block reward from 6.25 BTC to 3.125 BTC.

In the past, each halving led to a surge in prices followed by a downturn until the next halving sparked another rally. However, the upcoming halving has defied this pattern, as bitcoin reached an all-time high of over $70,000 just before the event, marking a deviation from historical trends.

Let's look back at previous halvings for insight. In November 2012, Bitcoin's first halving occurred, reducing the block reward from 50 BTC to 25 BTC. Despite uncertainties about its impact, Bitcoin's price surged from around $12 to $229 by April 2013 and soared to approximately $1,132 by November of the same year.

The second halving in July 2016, which decreased the block reward to 12.5 BTC, also witnessed skepticism among the community. However, Bitcoin's price gradually rose before reaching a new high of roughly $19,188 in December 2017, a year and a half after the halving.

In May 2020, the third halving occurred, lowering the block reward to 6.25 BTC. Despite speculation that the halving was already priced in, Bitcoin's price surged from around $8,500 at the time of the halving to over $40,000 by January 2021, reaching new highs in the following months.

Now, as we approach the next halving in April 2024, circumstances seem different. The recent approval of spot bitcoin ETFs by the Securities and Exchange Commission has fueled an ongoing bull run, with bitcoin surpassing $73,000. This sets a new precedent for halvings, occurring with bitcoin's price at unprecedented levels.

In conclusion, while past halvings have typically preceded price surges, the upcoming halving in April 2024 occurs in a unique context of heightened market activity and regulatory developments, making its impact uncertain but eagerly anticipated.