At the same time, supply dynamics are tightening.

The most recent halving reduced the rate at which new Bitcoin enters circulation. This is not a temporary event, it is a structural constraint built into the system.

Less new supply means:

• Reduced sell pressure from miners
• Greater sensitivity to demand spikes
• Stronger price reactions to capital inflows

When demand increases in a constrained supply environment, price does not move gradually. It reprices.

That is the core of the bullish argument.