It is believed that Bitcoin will experience a significant increase in it's price during the bull market as a result of investors tending to buy more Bitcoins therefore it's demand might be higher than the supply and investors confidence spirit will be elated that the price would even go further higher through speculations but however after this bullish periods, will the price of Bitcoin continuously swim higher or it would eventually drop down and become bearish for investors to buy the dip and hodl again?
Considering your current rank I would like to add, that there are three basic states for the BTC cycle (well you can say for almost every crypto), and that is the Accumulation phase, Bull Phase, and Bear phase. So, according to you, BTC is gaining value because more investors will be making investments in it
during the bull run I would say those investors are dumb, because if they have funds why not invest before the bull run, do they have any doubts on bull run emergence.
And even if we consider the fact that there are a bunch of investors who like to invest during a bull run because a bull run does not mean BTC will make back-to-back positive candles. it is not the only factor that influences the price of BTC to go up, halving plays the main role because due to halving bull run comes, and when supply is cut by half and adoption increases, the price increases also.
In short, after halving, the bull run comes, people make a profit, they book, and exit the market so the bear run comes, after the bear accumulation phase comes, where you have to fill your bags.