This time around bitcoin may not go down as low as happened before. A few years back, after touching 20k it came down as low as 5k. But, this time that's not going to happen. As a lot of big investors and some big financial institutions have invested in bitcoin, so we can say that it has gained some sort of stability. But, there is still room for manipulation by big players.
I think that now the new investors are taking center stage, the old Bitcoin investors have not moved anything yet, when the millionaire wallets are reviewed, the percentage still remains the same, at least in those who have 100-1000 Bitcoins.
This tells me that the bullish trend has not arrived, that all this new ATH has been due to institutional investment, those like Paypal, Elon, Microestrategy, it is a logic that makes sense.