Halving in August 2016 if things keep going the way they are.
120,000 more blocks or so to go.
It will be here before we know it.
Current estimate is August but, depending on the increasing of hashing, it could be July (even the end of June).
When the pricing of the next halving will start to creep in the price we will start to see the real fireworks.
The current inflation rates of USD and BTC are in favor of USD (6% year inflation against 11% year inflation for BTC) and the price is driven by adoption (more users, more uses, better features).
When the BR drop to 12.5 BTC/block, the internal inflation rate of the BTC will be around 4.5% (and surely no more than 5.5% as the hashing would need to increase 20% every 12 days).
My understanding of economics and politics tell me the Fed and other Central Banks (CBs) like the ECB, BoJ, BoC can not reduce the printing of new currency under the 6% year (and probably can not go under 10% for an extended time period). If they do so, they get an economic implosion by bank's defaults and massive deflationary depression. No politician and no central banker will want this under his watch, so they will delay it knowing they will no pay the cost of delaying the resolution of the crisis.
As we see increasing inflation in the monetary mass and credit deflation, bitcoin will become increasingly appetible to economic actors.
When Bitcoin will be inflating slower than USD, its exchange rate will soar continuously as people exchange increasing quantity of USD for BTC and give back their USD to banks to pay back their debts with a devaluing currency.