If we analyze the market structure of the 2014 bear market, we may currently be at June 2014. Assuming that is the case, the chart I've outlined may be how things play out. The next peak may not be until 2026. The halvings may not have the effect we're all expecting. In fact, a drop in the spot price of bitcoin during the 2020 halving would have a negative impact on market sentiment. This chart if it plays out, would also produce maximum pain for the majority of people in the market. This chart doesn't account for any impact tether (USDT) collapsing to zero may have on the market.
The above chart is where I obtained the idea of where we are in the market cycle.