After every bull-bear cycle, the volatility of bitcoin gets lower and the resistance to dumps becomes stronger.
In January 2015, BTC dropped to $179. The previous ATH was $1237. That's a drop of 85.5%
In December 2018, BTC dropped to $3196. The previous ATH was $19345. That's a drop of 83.4%
In November 2022, BTC dropped to $15877. The previous ATH was $68789. That's a drop of 76.91%
85 -> 83 -> 77
We're still super early.