Applies to the Bitcoin market too. I.E., we are in a drawdown right now. Due to a 60% correction, normies are walking away from a market that will once again explode in the next few years to a new unimaginable ATH.
The move from the $1200 ATH to the $20k ATH was unimaginable. In the future it could make a move from the $20k ATH to a new $400k ATH, although it seems unimaginable now.