> This isn't even close to what will be the all time high.
The problem is nobody can tell where the top is, and there IS a top, these things don't grow forever (you can't have infinite growth and it becoming infinitely valuable).
Now there are multiple things that might happen when growth stops:
* 1) The price stabilises and bitcoin/crypto becomes a major standard currency, which people want to use and spend. This certainly isn't going to happen for btc due to transfer fees, but could feasibly happen to a different coin. I think this is unlikely because there are several factors that actually stop crypto being an ideal currency (e.g. non-reversibility in case of fraud or dispute resolution).
* 2) The price stabilises and everybody keeps their money in crypto because it is a store of value. Personally I find this unlikely as I think most bitcoin 'investors' actually want to see their money increase in value rather than the value stay static.
* 3) The price stabilises and crypto doesn’t manage to become a standard currency which is easy to use everywhere - and although initially people hold their money in bitcoin to see if there is another rise, when it doesn't come people start to withdraw funds to realise their gains (if bitcoin isn't growing what's the point holding it?). As people sell bitcoin the value drops and never goes back to it's high. As more people exit the bubble is burst.
I personally think number 3 is by far the most likely outcome, however it's impossible to tell where the top is. I think the most sensible approach is to acknowledge it’s likely a bubble, and if you invest funds to acknowledge you are effectively making a gamble that the bubble won’t pop yet (and you are confident that you will realise when to sell before the rest of the market does and not hodl all the way down like we saw with gme).