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The extended scenario usually comes from the idea that there's not enough time for a proper bull run, especially for an alt season, and also because people would like more ATHs. But, while alts weren't in such a bad shape last cycle, that's how quickly the two tops came one after the other. If that happens this cycle too, it won't be very spectacular, at least for BTC (I really don't know how things will look for alts), and many will feel disappointed at the end, but not as desperate as they would be if this would turn to bear now.
Definitely, I think many are already adjusting their expectations for this cycle and will be quite satisfied if previous ATHs for alts on last cycle are met. The main culprit is obviously the macroeconomic condition hanging over the air right now, although it has been a long time coming.
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