Valuation isn't cyclical to a degree where prices are required to decline as much as they increase to satisfy laws of symmetry.
It could as easily go to $2,000 and we'll never see $300 or $600 again.
Just as we never saw a $12 BTC again after the price rose above that point.
but it's not very comparable, going above $12 is very easy anyone can pump at that value bitcoin and make it not go again under $12, now you need many investors to maintain this value, and the more you go high the more money you need to keep the value