it's a cycle that we often see after BTC reaches ath and there is a fairly large crash, however, there are two negative sides that occurred in the previous year which also became a big reference to the chaos of the market situation, including the collapse of FTX and the collapse of Terra Luna which resulted in thousands of investors suffering losses which is big enough to even be the worst point in the history of cryptocurrency.
After this incident, the price of BTC slowly rose again, even if we measure it at the lowest price, of course, BTC has doubled this month. I believe bitcoin will reach a fantastic price in the coming years, it is possible that this year we hope BTC can reach $ 50k before recording a new ATH before the halving.
That is a common cycle in the sense that when it is ATH, the price crashes, which we often see because of volatility or other factors, so it won't be as long as bitcoin is at the top.
Those two downsides what you mentioned is because of the mistake of those who store assets on the FTX exchange and secondly, they invest in shitcoin Terra Luna which ends up falling 99% if we hold bitcoins in our own wallet it will be safer but still we can't avoid the declining market but at least the assets are not lost.
The year ahead is always a lot of speculation because the halving will happen next year, I know where people expect something more even than $ 50K at the end of this year, but slowly bitcoin is trying to recover and now it is almost touching $ 30k again after a few hours of correction.