Why would people lose hope if btc doesn't pump after halving? I mean it's a bit foolish to get into bitcoin expecting returns on a certain point, right? Since nothing's really certain about anything in crypto, if you're now expecting a price surge after a certain event, you're already setting yourself up for disappointment. The coming halving may or may not improve the price significantly like before. But i didn't buy and held btc just for that.
Without a doubt that is a foolish thing to do but it is not like investors always take the right decisions, there were many instances in the past in which investors put their money into an asset just because they wanted to earn money really quickly.
And the perfect example of that was the bubble of 2017 when many people that have never heard of cryptocurrencies decided that was a good moment to enter the market just when it was reaching a new all time high almost every day.
