The draw in Iceland means Bellamy is the first Wales manager to remain unbeaten after his first three competitive matches.
His opening draw with Turkey and 2-1 win in Montenegro last month had rejuvenated Wales, with a progressive new approach exciting fans, players and pundits alike after the disappointment of missing out on Euro 2024.
Wales looked to be heading for a second successive victory and top spot in Group B4 after an impressive first half in Reykjavik, but collapsed after the break.
Iceland wasted several chances before scoring their two goals and had further opportunities to take all three points.
Wales, by contrast, were non-existent as an attacking force in the second half and will hope to rediscover their first-half verve when they face Montenegro in Cardiff on Monday.
“I’m a big fan of Iceland so I knew it was going to be a difficult game,” said Bellamy. “Of course we were 2-0 up by half-time but my words were ‘this is going to be a long half’.
“A very good manager [Iceland boss Age Hareide], we knew being 2-0 down they were going to throw more men at the press because they had to.
“How were we going to find the solutions? Because the solutions were there but it’s being able to find them at the time.
“There’s a lot to benefit us, especially the second half. It allows us to coach more, it builds a library in the players’ heads: ‘Remember this situation, remember when we found this period difficult’. They can memorise it. This is our third game together.
“In the long run, I’m really happy. And this is not me trying to sugar-coat drawing after being 2-0 up, it really isn’t. What I’m telling you now I told the players. This was really good.”
Wales will be without Tottenham Hotspur forward Johnson and Rennes midfielder Jordan James against Montenegro due to suspension after they picked up their second bookings of the campaign against Iceland.
Johnson, who has scored seven goals in seven games for club and country, was taken off at half-time after taking a knock during the first half.
“It was a precaution. He took a kick,” said Bellamy. “He did feel something from impact so we’ll get him checked out.”
