If the market already has everything priced in, shouldn't the price of Ethereum already reflect the after-merge value?

If the market already has everything priced in, shouldn't the price of ETH already reflect the after-merge value?

This is a genuine question.

It's not like only a few know about it. It's public. People are counting down the says on Twitter. The merge is going to be a massive influence - miners, traders, everyone in crypto will be affected by it.

But ...doesn't the market already know, and by extension, indicate this? You know, the whole "buy the rumour, sell the news"...

So, why am I seeing people saying the price will 'moon' soon? I'm inclined to believe that we could be equally likely to see a huge dump after the merge.