Historically, all halvings were followed by a big bull run.
I think something similar might happen again. However, we reached ath before halving, which is somethingrhat mever happened.
ATH before the halving is something new, but the reason is the approval of spot BTC ETFs in the US. I do not see that the halving effect should be absent because of this, although it is clearly visible that with each subsequent halving, this effect decreases. The halving from 2016 brought a price increase of as much as 50 times ($400 -> $20k), while the next halving
"produced" only x3 ($20k -> $69k).
It's hard to say what we can expect from the last halving, but considering that the ways that money can flow much faster and more efficiently towards BTC have been opened, it is possible that the effect on the price will be much greater than most expect.