The one thing they aren't accounting for is that there really hasn't been anything like bitcoin. In most bubbles, eventually the whales start selling which triggers an avalanche, however bitcoin is distributed enough that this might not happen. Too many different people are interested in it doing well now. E.g. rich people in 3rd world countries, boy are they pumped for bitcoin.

I've mentioned it before, and I was kinda laughed at but I legit believe that certain economic truth need to be reevaluated for software and crypto. You know how at tech companies, the economics are different from other companies? I can imagine the same being the case for crypto.