I try not to make claims with high level of certainty, since the future is not guaranteed, yet I frequently like to suggest that bitcoin's future price performance is a product of 1) stock to flow, 2) 4-year fractal and 3) exponential s-curve adoption based on Metcalfe principles and network effects.
Yes, we can't know exactly how this cycle will unfold, we can only speculate. And based on many analysts and the general market sentiment, I think we will hit a new ATH at least once more. I don't think 124k will remain the top. Of course, we can't know for sure how far it will go. I think it will end this winter and I see it as unlikely that we will still be in a bull market next summer. This is just my opinion though.
In any case, 110k seems like a cheap price for Bitcoin and I'm on the buying side. Even in the worst-case scenario, those who get stuck on the wrong side will wait four more years and turn a profit in the new cycle. After all, holding BTC has never caused people to lose money as long as they don't sell.