On April 19, 2024, Bitcoin miners saw their block rewards cut in half, dropping from 6.250 BTC to 3.125 BTC. This kind of event happens every four years, and it usually gets people excited about a potential bull market for Bitcoin.

Since the halving, however, the price action has been pretty quiet. Some analysts are starting to wonder when the next Bitcoin bull market will kick off.

Crypto analyst Quinten Francois points out a pattern in Bitcoin's cycles. He says that, on average, a new cycle begins around 170 days after the halving. Right now, it's been about 150 days since the last halving. So, if history holds, we might see a bullish turn in about 20 days.

Adding to this optimism, analyst Lark Davis highlights the strong quarterly returns from past halving years, specifically in 2016 and 2020. He notes that the fourth quarter has typically been bullish after these halvings. In the years after the halvings—2017 and 2021—Bitcoin's price was also on the rise from the first to the third quarter.

“If history repeats itself, we could see incredible gains that most people can’t even imagine,” Davis said, hinting at exciting growth opportunities in 2025.

Meanwhile, Ki Young Ju, the founder of the on-chain analysis platform CryptoQuant, has identified some key price levels for investors to watch. These levels represent the average cost of Bitcoin for different groups of investors and are important psychological and technical markers.

The first key level is $62,000. This marks the cost basis for new custodial wallets and exchange-traded funds (ETFs) that started trading in January 2024. If Bitcoin drops back to this level, some investors might sell to break even, making it a potential resistance zone.

Another crucial level is $55,000, which is the average purchase price for traders on Binance. Currently, Bitcoin is trading around $58,500, about 7% above this level, making it likely to act as immediate support.

The mining sector's cost basis is at $43,000. Since Bitcoin is trading much higher than this, it may serve as strong support in the medium term. However, if the price falls below this level, it could signal trouble for miners, putting downward pressure on Bitcoin's price.

Lastly, the $27,000 mark is vital as it represents the average entry point for Bitcoin whales. This level is seen as long-term support and could act as a safety net if the market turns bearish.

As we get closer to the anticipated bull market, how these price levels interact with historical trends will be key in shaping Bitcoin's short-term movements.