Op's correct that there's no reason why Bitcoin must always recover after another bear market and reach a new ATH. Of course, at some point, it might reach a new ATH which it will never surpass. It's just that it hasn't happened yet, and there don't seem to be any good reasons for that to happen either, so people rely on observations of the past.
So if the thread's question is about that, about Bitcoin reaching a certain point and never going past it, it's hypothetically possible. If it's about a specific value, regardless of when it happens, I don't think it's possible to reasonably answer this question, because it can be around for decades, it can be around for centuries, human civilization can experience growth or a downfall in the meantime, and fiat currencies in which we currently measure BTC value can decrease so much that a price won't mean much or just become a thing of the past.
Bitcoin's recovery has been somewhat cyclical, but you're correct; past performance does not guarantee future results. The problem comes down to the fact that Bitcoin is inherently unstable and that its external factors are always changing. These include, but are not limited to, laws, the acceptance of institutions, and the stability of the global economy.
Lets compare this to how standard markets have changed over time. Many traditional financial instruments have become more stable over time, thanks to large part to laws and market structures that have been around for a long time. Bitcoin is still a pretty new thing. One important thing to think about is how foreign currencies affect the value of Bitcoin. Should fiat currency lose a lot of value or become useless, the way we measure Bitcoin's success would change.
So, to answer your question, it is possible, but not likely, that Bitcoin will hit an all-time high that cant be beaten. The fear of an ATH that we never get past could be trumped by our boredom with the way our economies are set up now.