The market isn't expecting Bitcoin and other cryptos to moon immediately after the halving. Not even close. BTC has always taken its time to go parabolic after the halving.

That said, the question of whether Bitcoin has failed is a valid one. The price of Bitcoin does not depend solely on the supply side but the demand as well. The supply is known beforehand very precisely. But nobody knows how long there will be interest in Bitcoin.

If BTC failes, will Hive and all the other projects fail, too? Not necessarily because they have other use cases. But if we're honest, censorship resistance has not yet managed to convince even crypto enthusiasts to use Steem (before Sun) or Hive to take up using it en masse. I do have some hope that will come to pass because censorship by YT and there rest seems to be getting progressively worse.