I'm trying to restore back up on my new phone and I have forgotten my password. Thank you

Hello,

If you are referring to your Apple ID password, then the article below will be helpful:

https://support.apple.com/en-us/HT201487

If you are referring to your iPhone passcode, then the below article will be helpful:

https://support.apple.com/en-us/HT204306

I hope this fixed your issue! :)

You do not remember your encrypted backup password, I can understand.

You do not remember having created an encrypted backup, I can understand this also. (This is not true in your case)

This means the iCloud Key chain was checked while creating the encrypted backup because by default it is checked.

Look for it in the iCloud Keychain.

Did you un-check the keychain while creating the encrypted password (By default it is checked) See the pic hereunder.

If you had un-checked then the only option that you have is, keep trying various passwords as there is no limit on the number of attempts.

You may have forgotten that you had entered a password. --> About encrypted backups on your iPhone, iPad, or iPod touch ...