Bitcoin and all other crypotcurrencies operate within a fiat money system lol...........Your thesis is flawed and you have poor evidence to support your claims.
So long as people continue to beleive there is 'limited' supply in bitcoin and goverments/wallstreet/bakers don't decide to get involved too much I can see the Cryptocurrency bubble continue.
IMO the bubble will pop when some of these BTC hoarders start to get greedy and unload it......like I have said....I have no idea if that is at 20K, 50K, 1M? but it will pop.
Lol, they just don't. That's the whole point of them. It's not a thesis or a claim it's a basic fact that makes them appealing to people who have lost faith in 'the system'.
No one is arguing that bitcoin will rise forever. However, attempts to apply traditional theories to predict when the bubble will burst are laughable. I looked at 8 different models on Monday out of interest. The most bearish predicted a top of 10k. The most bullish predicted a top of 12.2k. They were all hopelessly wrong because they're based on models that are used for asset classes within the fiat money system.
Cryptocurrency is like a weird hybrid that has characteristics of gold and fiat currency but is very different to both. These are kind of the basics...