If you look at the current market situation, it is certain that the bulls have returned as most of the altcoins have experienced very good growth. although the increase in each coin has not been maximized but I believe this positive trend will continue until every altcoin gets its ATH back.
That's not possible, so you mean even a bad project would also reach an ATH? I think investors are smarter this time, not in the old days that they have a little idea, they certainly have learned from their past experience so we might be seeing some altcoins having significant gains, but it doesn't apply to any altcoins we see in the market.
IMO, Bitcoin has to create a new ATH yet so we will see another huge altcoins run.