We can see how reflexive it is when it goes parabolic, like it did last year. This is the typical fear of missing out syndrome we see.
In the other hand, the technicals as you say are getting bullish now. The problem I see with it is that at any given time a whale can just crash it, or China announces some ban or whatever... What happens with the whole sentiment in that case? We have seen bullruns stopped by that before, although it always recovers in the long run.. let's see how it turns out by the end of this year! 😁🤞