The real test now (and also arguably the biggest test of BTC's life) will be the halvening. If the price does not show very considerable strength in the next year, that would be a sign that the whole game has changed.
Unfortunately, the outcome will take around a year to define . As always, it will be a test of faith, so doubters should sell now (although better during the expected bounce to 7.5k) , and hodlers should find some other diversion for their interest !
This is the scenario I fear. It may be possible that the halvening is priced in already and, although prices below 3k are unlikely, there will be no new ATH until the
next halvening (one in 2024). Five years of ice age, pain and false hopes. Personally I do not plan to sell my main stash, but I am thinking about trading (that is, about buying a bit lower and selling a bit higher, not accumulating), because holding may be a
very long-term game.