The whole 'bubble' construct regarding crypto's (specifically de-centralized crypto's) is mind boggling to me. It's one thing to see the fraudulent housing market back in 05-06 as Michael Burry, Mark Baum, and others (see the Big Short, great movie) did, because there were markers that indicated the market was not where it should be. It was propped up by bad investments and loans only possible because of centralization. Bitcoin and other de-centralized crypto's don't have this issue. This is where I see most people missing the boat regarding the crypto bubble. Sure there are boom and busts in a pure free market, but not like what you see in a propped up fraudulent economy.
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Have you ever heard of the tulip mania?
tulip mania was caused by other external forces, not just people wanting to buy tulips.
Could a Bitcoin bubble not be similar? The price of Bitcoin is very much supply and demand in a similar way to the price of tulips was.