In my opinion, the price interacts inversely with hopes, many did not expect many highs in all the previous divisions and therefore the price interacted positively with them. Now everyone wants the price to rise thus store more Bitcoin, and then a collapse will occur with any negative news or any drop in price.
The optimism you're seeing is a
very recent development. Check the
Fear & Greed Index: last week was the first time since early November 2019 that the market registered "greed." Now it's even back to "neutral" again.
It was only a couple weeks ago that people were saying "the halving is priced in" or "the stock to flow model is dead." Just a few days ago,
Peter Brandt was predicting a bearish head-and-shoulders top. I would actually say the prevailing sentiment is pessimistic and skeptical, not greedy.
I would also say we're
climbing the wall of worry.However, when you get down to the root of the concept of a wall of worry, it ultimately means is that a bull market isn’t a peaceful place. When times are good, investors are constantly tense, wondering how long they will keep rolling, fretting about when a seemingly inevitable correction will finally put a stop to the market elation. As a market continues ascending, the decision can become increasingly agonizing whether to take profits in a position or let it ride.