NoXion
You remain unbroken, for your fight... is Eternal
Bitcoin is something of a fever, and it's contagious. One of the symptoms of Bitcoin Fever is that you actually want the bitcoins, you're still looking at bitcoin enthusiasts as if it's all just a scheme for them to acquire more dollars for example, such a participant certainly adds the capacity for the sort of bubble-behaviour you expect and there are plenty of people that way inclined. but you're not getting that the increasingly deep-pocked drivers at the heart of the bitcoin community, the holders, the zealots, the fixed-eyed crypto-maniacs and hardcore adherants... for them bitcoins themselves are the objective, and they're serious ernest bitleivers in this. consider the images below:
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Yes, I know... and furthermore...
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These Matrix-memes actually do reflect the mindset of what I think of as Hodl-Culture and it's creed the Bitcoin Religion, very much a "from my cold dead hands" attitude to bitcoin. And it's not even just libertarian crazies out in their bunkers that have somehow managed to make the leap from understanding lumps of shinny yellow metal being real to knowing that pure information in an immutable decentralized ledger as also "real". When the price falls- the bitleivers see it as a flash sale, it's Black Friday for them, and of course all along they're evangelizing about it bringing in others (both up and down by the way), paying for stuff with it- not just drugs and guns and those oppressed markets but countless small vendors selling hand made wooden unicorns on their websites or whatever (hey, it can be sold for dollars right).
If you're looking for the basic elements that form bubble-behaviour in the driving core of this community- rational economic actors, then you'll only predict like 80% of the market or something using Pareto's Principal (80/20) as a thumb-guide. New entrants flake and flee all the time having acquired the dollars or euros or pounds etc that they're really interested in but the driving core that kept the flame alive even through the two years of bitcoin prices sideways-down to oblivion, you're not properly accounting for them and that's a mistake if you want to understand how this crypto market will behave in my opinion. And I don't see a shortage in the supply of such people any time soon. Cheap prices just send them into a feeding frenzy and once they load up they exert even more outward pressure to involve new people in various ways (not to mention that their own commitment is now even more involved).
You think everyone flakes and flees after a drop because bitcoin is just a scammy pyramid scheme scam, but that's because you've not yet grasped that to a great deal of eager money bitcoin is itself the objective. It's dificult for a bubble to pop when serious entrants look at the "bubble" as their natural home (again- the first image). This market can remain 'irrational' (subjective) for longer than Earth can remain solvent. gulp.
Sounds more like a cult than a currency. Which wouldn't be so bad if it wasn't fucking up the atmosphere's shit via Chinese coal plants.