The halving of Bitcoin's Security Ratio

Bitcoin’s ‘halving’, set to take place in May, has inspired active discussion around the application of the Efficient Market Hypothesis. Commonly alluded to as an innately bullish event, debate predominantly focuses on the extent to which the halving of block reward issuance has been priced in. 

While some analysts find merit in these discussions, these predictions are ultimately mere speculation and, moreso, difficult to prove or disprove: without a fundamental valuation framework for Bitcoin it is impossible to ascertain as to whether it is trading above or below fair market value and price appreciation or depreciation post halving may well be a function of entirely orthogonal factors.