Shower thought. If there was a person who would start a debate and tell me that Bitcoin's price today is "too high", I would argue back that, although Bitcoin's price might be "too high", it might also be mispriced towards the lower extreme of the cycle. The market hasn't truly priced in the Halving, AND the true nature of the Bitcoin spot ETF.
But we can see the proof of that in a simple chart. Research Gold ETF - when it started, then look at the Gold chart after it started.
You are right because we have not really seen the impact of the halving. What we have experienced so far is the impact of the Bitcoin ETF that caused the bull run that started late last year. It is possible that some people are already feeling that Bitcoin have achieved the highest it could go within this market cycle but that may be far from the truth as we will see in coming months. I seriously believe that Bitcoin will make a new ATH high before any serious general down trend. While this is a possibility, it is still something expected not certain because no one can tell accurately what will happen in the future and we can only hope.
Meanwhile, now still seem like the best time to buy more Bitcoin as I am expecting more gains as the US elections draw closer. At the current level, it is still relatively cheap to buy and the smart thing to do is to take advantage of the market condition.