It already happened several times for BTC. Look for ATH drawdown chart.
Bitcoin has lost 75% of its value 4+ times, but for some strange reason everytime it "comes back stronger".
My thesis is that, in all these years, the BTC price has been composed of 2 parts: Speculators and "believers". Speculators will buy and sell very fast as soon as the market moved or due to external phenomena. "Believers" will keep holding through everything.
Thing is, with each cycle there is more money on Believers than Speculators. This time, ETFs and institutions have placed a lot more money, so it seems there are more and more Believers. That's why you see retail Speculators saying that this cycle is "boring".
It's interesting to see how the price will keep stabilizing, as the ratio of Believers vs Speculators money gets larger (Speculators become a smaller and smaller % of the price).
I think this was the last cycle (halving cycle) with that much volatility.
Even if you are not into bitcoin, it's interesting to study its phenomena.
