I can tell you that it's nowhere near what it was at the $12k or $10k tops last year.

I would agree with that. But it's also not 0.0, which is all I disagreed with. It's not even close to none.

And there's barely anyone getting over excited.

That could be because BTC is well over 100% from ATH and still down 70%+ over the last 16 months. Yes, they are delusional, but even that has its limits.

And maybe some of them are a little realistic that the crypto market has not lived up to its promise and does not have an especially bright future.

This recent run has actually made me think that $20K is possible again. It just reminded me that the market is so thinly traded that can be manipulated pretty far and fast. If regulators don't ever severely curtail the manipulation, then there's probably not reason $20K is not possible, although it's still a stretch.