Yes from a much lower, more volatile market cap, without institutions or passive capital involved. Again, not saying it isn't going to happen but it is a lot less likely than previous cycles. Unless of course we get some massive exogenous effect like WW3.

I suppose if Bitcoin 23x off the bottom like it did last cycle to reach a new ATH we could have another 75% drawdown. But I don't think the top will be anywhere near a 23x. Less magnitude of moves in both ways makes the most sense.