It may or it may not, well, if we are going to talk about having ICO in bullrun, maybe it is possible as for sure, same thing will happen 3 years ago wherein ICO even not with working projects are able to raise funds with just a well-made whitepaper and for sure, new investors and players will come in who are seeking for quick profit, people learned a lot for the past years but of course, there are still people who are not well-informed and chances of getting scammed is so high with these ICOs
No,,, I do not think we can simply say everything in crypto has a fixed cycle. Bull and bear events are market events but ICOs were a thing of the past. They are still possible and will probably continue to be a model for fundraising, but they will never achieve the crazy fomo of 2017 anymore.
Look at STOs. They died so fast nobody gives a care anymore.