Not even 1% of people on the planet are familiar with the fundamental strength of Bitcoin. Over 99% don't know anything yet. The halvings can NOT be priced in if 99% of people don't even understand Bitcoin.
You're saying that if 99% of population converted to Bitcoin believers, the price would explode, but that's a very big if. These days most people who are not too young or too old are aware of Bitcoin. They know that it's some digital currency that goes up and down. And they are not interested. They are satisfied with fiat currency.
So while there's a lot of potential for Bitcoin, that potential is not realistic. Adoption is stagnating, Bitcoin is not getting used increasingly more as a currency. The on-chain activity of less than 1 million transactions per day is laughably small compared to transaction volumes of fiat currency.