3. I wasn't talking about ATH. Before halving date there is always a lot of hype in the market with countdowns and whatnot and people are generally excited and are FOMO buying bitcoin hence causing a rise or even a mini-bubble!
there is alot of conversational FOMO and social drama
but when say the 2016 halving. that seen a pre halving price of $450 turn to a post halving of $900
people are not buying more, spending more..
what is actually happening is a normal investor paying in $50 a month got 1btc before and 0.5btc after
..
check some old screen shots of market order listings in say 2012-2022
there is a noticeable difference to the decimal amount on offer
i remember in 2012 average orders were 1btc-1000btc
in 2022 its now 0.001btc - 1btc
people dont tend to "spend more" or buy more..
the instead pay regular amount and just get half as much coin per halving.. which translates to the price doubling