Let me add the controversial take and say "No." Here's what really happened... list Bitcoin prices in past Octobers — 

2010: $0.06 2011: $5 2012: $12 2013: $125 2014: $380 2015: $237 2016: $615 2017: $4,400 2018: $6,600 2019: $8,400 2020: $12,600 2021: $66,000 < ——————- What happened here?! 2022: $19000

2021 looks now to have been a big bubble fueled by money printing and stimulus. I don't just mean Bitcoin, or even crypto, but in other sectors of the economy. What we're calling the crash in 2022, looks more like a literal correction to a pre-pandemic normal in hindsight.

People who bought at the peak of 2021 have lost a lot of the purchasing power of that buy, yes. But that's predictable of buying into any bubble at the peak, and, more importantly, Bitcoin is now standing like Stonewall Jackson as the rest of the market capitulates around it, which is fascinating to see.

And obviously I suspect even the Class of 2021 ATH will have their purchases validated if they're patient.