It's all relative to something. During the Wall Street crash in 1929, Dow fell down only ~30%. Bitcoin lost ~70% from the peak. It's definitely a bust. (as in fall in value / no growth) You could say instead that it's just back to normal value after a period of abnormal pricing - but then what kind of asset has so much uncertainty that people can pump up the price 4-5x for months?
Maybe it’s higher variance and higher expected value than the stock market. I don’t believe that but it’s certainly a conclusion you could draw from the price action. The overall return since inception is much better than the stock market at any similar time frame in history, even after multiple >50% pullbacks.