Hamilton, beaten by now-retired teammate Nico Rosberg to the 2016 title, but the winner in Hungary, has not led the championship on his own since September but has the momentum after a crushing home victory at Silverstone.
"There's lots more things that can come up but I think the team's really energised," he said after winning from a career 67th pole position, adding that Mercedes had "absorbed all the energy" from the fans at Silverstone.
"So I hope we can take that into the next races."
Mercedes are 55 points clear of Ferrari in the constructors' standings but team boss Toto Wolff was wary of suggesting that the champions were the favourites again instead of being the underdogs, as he had described them after Monaco.
"The moment you say that, you go to the next race and are slapped in the face," the Austrian told reporters.
"It's tricky. Our car is not always easy to set up but we have become much better at it in a great team effort.
"But I'd like to see Budapest and how the car works on a low-speed, high-temperature track, and then maybe we will have a more complete picture."