Let's be honest, market do not follow any rules.
I guess you are new to the world of the financial market, if not you wouldn't say this. The market follows some rules, though it's dynamic, meaning that it doesn't follow any rules perfectly. And if you must know in plain terms, market history and the cycle repeats itself, I've witnessed many of them.
There is no rule or law that says BTC should reach another ATH next cycle and next after. What if 69K was the maximum it could reach, and for the next years or decades it will be mostly fluctuating between 15k and let's say 40k.
It's true that there is no compulsion or validator that Bitcoin must reach the ATH again, but you must know that the history, tradition and speculation, sentiments and expectation around the coin will surely make it happen. It's obvious that Bitcoin reached its former lifetime peak due to huge capitalisation, and this happened when it was not as popular as this.
It's practical that more money would be injected into it when it's more popular as people now value it more than before. There is no way this would not make it hit another ATH in due time.