I agree to you that the bull run is getting lesser every cycle but also means stability for Bitcoin.
Yes, that's also what I'm hoping for. In a few years we could match gold regarding volatility if the downtrend continues, and then some people would already think about using it as a currency again.
I also think there
may be still a moment where we might experience an extraordinary bullish boost in Bitcoin's price, more in line with the 2021 bull market.
One possibility for this to occur is the moment when Bitcoin is truly regarded as an alternative to gold. Yes, Bitcoiners and some economists are already comparing BTC to gold and even did it in 2010 or 2011 already. But we still see plenty of opinions also from academics that it is a quite useless speculation vehicle. And we unfortunately still see a high prevalence of usage patterns like "ride the wave" and "hoard and sell at the top" or even "buy high, sell low", typical for speculative assets -- instead of HODL and DCA or simply "buy things with BTC".
IMO however such a boost would not bring us close to $5M USD, but more close to $500,000.