Accordingly, I don't think volatility will disappear because it is the main factor in the game - it brings profit and at the same time sends the message that Bitcoin is not suitable as a currency.
Volatility "disappearing" is also not what I expect. And yes, the "riding the waves" pattern, be it short terme spikes or our beloved 4-year-cycle, is still prevailing among Bitcoin traders I think. But I expect that the ups and downs could become simply less extreme if there is less potential to panic because you fear to "lose everything" when "Bitcoin goes to zero".
But still with 50% of the current volatility there would be enough profit to be made with trading.I don't know, it seems to me that a lot of small investors made an exit at $100k and are now impatiently waiting for a new correction to re-enter - while on the other hand, big players can afford occasional dips in which they take profit, and at the same time they have enough funds to prevent the price from getting close to $100k.
From volatility that used to be quite uncontrolled, perhaps today we already have volatility that is more programmed (artificial) because very powerful players hold about 10% of the max supply, which is no small thing (although it may seem that way to some).
The idea that Bitcoin could go to zero is something that you will have a hard time convincing someone who understands how the market works, but on the other hand, there are a lot of people who consider this option possible, because for them Bitcoin is still some mysterious internet thing that functions like an ordinary MLM/Ponzy scheme that will have to see its end at some point.