Bitcoin has had 2 primary bear markets (two years each time), first 2014-2015 and then 2018-2019. We assume this pattern is going to continue but we may be overlooking the fact that Bitcoin's macro role has changed.
This is no longer a fringe asset. It may still be perceived as somewhat speculative but it's a trillion-dollar market. What if Bitcoin has sufficiently matured that we no longer see prolonged bear spells? While it may lapse into brief spells of corrections, the primary trend is retained and it keeps going up forever.