I think the more expectations, the lower results. Now everyone is waiting for huge impact on prices while these expectations may be already included in the current rates. Then, pandemic and crisis also play their role in the upcoming changing or not changing btc course.
There's also a possibility that they aren't priced in.
If you think about it the price was at 14000 almost a year before the halving. It later stayed at 9000 for a long time and only the stock market crash last month made it fall beck below 5000. This means that the price we are back at now is the normal price that we had for many months. A price that should be higher after the halving!