I think we are past the initial bullish phase in 2023, so I think we are already in the continuation phase even though we have not yet reached the new ATH. Price recently almost touched the old ATH, but then failed and corrected slightly. The upcoming halving is likely to sway anyone's interest in buying bitcoin and taking advantage of the opportunity, but experienced investors seem to have got entry in early so it's likely only retail traders will force themselves to capitalize on the hype.

Over time demand for bitcoin will increase and I don't think this is only influenced by the halving. Institutional investors have opened many people's eyes to their own doubts about bitcoin, so I think the hype this time will probably be bigger than the previous halving period.