I tend to think of the halving as creating the conditions in which a demand catalyst will make price really run - with the ETFs we could argue we already have that. With that said, I think the bigger impact is that bitcoin supply has come off exchanges aggressively since 2020 which has never happened before and I think has had a bigger absolute impact on available supply than this next halving will.

All of that is to say I think fireworks are in store but likely on a lagged effect to the halving as it usually is :)