Given 'institutional' investors who are more prone to hold through dips and ignore the paper loss; is it actually possible for BTC to drop to sub $5k ever again now?

There was a really good diagram showing how the composition of BTC holdings has changed over the years, and it shows a marked shift away from big portfolios into lots of smaller wallets; i.e retail investors.

I get that a few bigger whales might hold and support certain prices, but surely the collective holding of retail investors would be enough to move the dial substantially?

March 20 was the last time it was at around that level and it hasn't gone to that since.

What was fundamentally different about that period of time to what it is now? I'd appreciate any reliable information sources to back up any comments?