2012: 48.34× · 2016: 14.81× · 2020: 7.88× · 2024: 1.00×
Scroll or drag to move the time axis · hold shift for the value axis · drag either slider
Each cycle has returned less than the one before it — that compression is the thesis, not an artefact. Four halvings is four data points. Every chart here assumes cycles continue in roughly the shape they have so far. Nothing in the data can tell you when that stops being true.
2012: 48.34× · 2016: 14.81× · 2020: 7.88× · 2024: 1.00×
Every value plotted for a past date could have been computed on that date. Normalised series expand their window rather than scaling against the full history, so nothing here is drawn using information that did not exist yet — which is also why the early years of a normalised series are dropped rather than shown against a range of one.