My keen observation of the market is that the bull season usually happens around the pre–halving year, the halving year itself and the post–halving year. They all have different dynamics driving them. In all, it's FOMO that drives them all through.

For me, while the FOMO in the Pre–halving year is driven by real fear of not wanting to miss out, the halving year itself is driven by expectations of what had happened before repeating itself and then the post-halving is driven by pure greed. The last is where Warren Buffet's principle of getting out of the market whenever others are getting greedy comes in.

BTW, I don't believe the pre-halving bull rally starts a year to the next halving. I like to expect it from the last quarters of the year to the halving year. We might've started this year's rally earlier than expected if we judge by what it's happening in the market now. In some quarters, they still think that what we've now is even a trap.