The ETF could still bring Bitcoin down a lot though. IMO people will expect it to be approved which will cause more of a big pump and loads of people buying Bitcoin, but if it's declined it could cause way less confidence in Bitcoin's future and that could totally mess up this surge of users recently.
And we could expect the price might go down even before the final decision is announced just like it happened with the halving hype which reached its peak a few weeks before actual halving took place. And in the case of July halving the event could be expected with 99.9% certainty. But this certainty still didn't stave off the price crashing from its many years' highs of around 780 dollars per coin down to lower 600s. Thoug it is not quite clear how much of today's price is really due to hype connected with the pending ETF decision. If there is not much such hype, then the price might not decline heavily or not decline at all
Like it happened after the Chinese authorities had "banned" Bitcoin in China
I think the big whales would not speculate. They already have the coins and would only buy more when they are sure about something. So I don't think they are involved in the price increase.
And the big number of small investors, maybe they even wait to buy when the price is at an all time high (especially when there is an uncertain decision coming).
I suppose bitcoin has increased its popularity, so the price we see could be a result of real demand for bitcoin as a payment.
After the etf decision, no matter how it will go, I don't see the price go much down at the moment. Upwards everything is possible.