I don't see a sharper drop than May 2021? No, If I remember correctly in May 2021 bitcoin fell below $29k after the FUD China. But bitcoin hasn't lost its momentum on the upside, and as seen an ATH in November, so my prediction is, the market will move on an "innate" response, even now, it's not it takes momentum to recover but the intense ability to stay ahead of the trend, buy news - sell fear is something bitcoin needs to overcome. Regarding ATH, bitcoin will obviously have it somewhere? it's simply not saying "wen moon". Lol
It will always be difficult when we want to predict ATH because it can't actually be predicted precisely. I might be inclined to think ATH might happen after the next round although that's not always true. I only believe that this 4 year cycle will be the most decisive start in the previous ATH achievements including November 2021 ATH. But of course something different could happen to the bitcoin price this year or next year, so you can expect ATH to happen any time especially when the demand for bitcoin increases.