Since Bitcoin was invented, it has been through 3 halvings which resulted in 3 bull cycles.

• 2012 Halving -> 2013 Bull Cycle
  2016 Halving -> 2017 Bull Cycle
  2020 Halving -> 2021 Bull Cycle

Next halving date is estimated at March 2024.

After 2013 & 2017 Bull Run cycles, Bitcoin hasn’t ever retested previous cycle all time high (ATH)

Why was that?

Bitcoin has always created support area before it topped as we can see on the chart.
After 2020 halving, Bitcoin grew so fast into 2021 Bull Cycle that it didn’t create a potential support area below 28.000$.

If 28.000$ area doesn’t hold, due to lack of support between 28.000$ and 20.000$, Bitcoin can dump and retest previous ATH.