Many people think that if bitcoin can't make ATH anymore then the downward trend will continue, especially now that most people only use bitcoin for daily trading so that the market immediately drops again when they see a price increase, and halving is a trigger that can pump bitcoin because it's proven from several successful price pump halvings.
if you look at the past that has been done by bitcoin so far, then ATH will continue to form and will occur, it's just a matter of time, it's unlikely that it won't happen because if indeed the price will fall it is certain that many will buy, which will make the price increase again, this kind of repetition will continue. it is certainly true that the halving is the trigger by which bitcoin will increase to even form a renewable ATH a year later.