The question of whether the bitcoin halving is priced in gets thrown around endlessly each time the halving comes around — often with little resolve. Yet there is one data point that makes a case for it being priced in this time around, according to Coinbase analysts.

"This is the first halving cycle which saw bitcoin breach its all-time high before the halving, which could mean that the effect has already been priced in by savvy traders," Coinbase analysts David Duong and David Han said in a note sent to The Block.

However, the analysts also added that there is still a collective belief that the halving might drive prices up, "which could result in behavior that results in a rally."

The anticipated bitcoin halving is on schedule to occur sometime between April 16 and April 22 of this …