Low volatility doesn't mean stable. Bitcoin has experienced periods of low volatility many times, however this doesn't mean bitcoin is stable, not even close. We all know it doesn't take much for bitcoin to explode, either up or down. That's absolutely still in the cards, I mean everyone is waiting for the next bull run and some people are waiting for a big crash.
It's like saying, this bomb is stable because it hasn't exploded yet.
Low volatility is analogous to temporary stability because the prices are buffered around a central price mark. It does not mean that the market is exempt from volatility since that's not the case, but in this case, the price changes we see are all relative, thus 'stable'.
With that now out of the way, I must reiterate that this is certainly not how I'd describe the market right now as it's in neither a low volatility state nor a stable state.