The halving was hard-coded, but the 4-year cycle was not. If people don't sell in mass when Bitcoin peaks, then there will be no bear season. A time can come when so many people don't sell their bitcoin when the price peaks, it doesn't mean the price will not fall, but there won't be a bear market.
This brings us to the economics of bitcoin, people would always want to make profit, hence they sell at peak and buy when price is low. If not for bitcoin volatility and profitability potential, most investors would not be interested in it. It is not like people just sell their bitcoin, traders are abandoning their positions for profit taking, there wouldn't be time traders would cease to exist, so I don't agree to that point.
People speculate over a lot of things in Bitcoin. Right now, people are speculating about the Clarity Act. People speculated about ETFs, people speculated about Donald Trump winning the election. All these are not hard coded into Bitcoin, they are just economic behaviors and so is people's reaction to the halving.
Like I've already said, the halving is hard coded, but the 4 year cycle is not. If people don't react a certain way to it, then we won't have a cycle, but no matter how bitcoin performs, there will be a halving.
Perception drives adoption, when positive things happen around bitcoin, there is more adoption and the prices moves up and vice versa, although investors are arriving at some maturity and are not quick to dump their coins in the market unlike in the early days.