I do not remember exactly what happened in the past years as the OP says. I only have my own analysis if bitcoin prices will not fall lower than $5k and stay at current prices ie in the range of $6k I'm sure bitcoin will recover from now even though we have to wait much longer until the market returns completely recovered.
I would like to see the price going lower than $5000, just to see how miners react to the fact that (supposedly) the price would be lower than production cost of a single coin. What would they do? Would they mine at a loss, or would they try to influence the price into being higher than this hypothetical $5000 floor? For now it seems to be working, Bitcoin refuses to go lower than that price range.