For almost 50 years the Nikkei went up with only minor pullbacks. In 1989 it was at almost 40k. It crashed and now, 25 years later trades at about 1/2 that. Adjusted for inflation that loss is probably doubled.
You are right. Just because something has not happened in a specific arena does not mean that it won’t.
That’s not to say it will happen but to dismiss the possibility is foolish.
This market floats on printed money. It is very near the end.