It's done it 5 times, certainly with a much lower price.
The price is not as significant as most people believe. Unlike traditional fiat currency, the number of bitcoins in circulation is capped. If there was some governing body that could automagically create more notes and inject them into the economy, they could easily drive the price down to triple digits, and it would therefore not be as "outlandish" and people wouldn't scoff at it as a bubble because it's so "expensive".
The fact that supply is capped is what makes price seem so ludicrous. If gold were capped by ounce to the same number of BTC in circulation, the price of gold would be over $2 million per ounce or $2 billion per bar - does that make it a bubble all of a sudden? I don't think so. Price is relative to supply, and at current prices, total bitcoin marketcap remains ~$200 billion.....which honestly, if you ask me, ain't that much. About 1% of our country's debt. There's a whole lot of money circulating in this world and BTC isn't even a flash in the pan - even at $20,000 BTC/USD