There is so much delusion surrounding crypto it's nigh impossible to make any analysis about them. Michael Saylor, a self proclaimed expert on bitcoin states bitcoin is unlike any of the others
That it in fact a true commodity, like oil or gold. The original sales pitch for these digital units claimed they were "People's money, a store of value, went up in hard times" Of course no one wants to mention these Original fundamentals because they were all proved wrong.
And that's about the only thing you can say of bitcoin with any confidence, that whatever people are claiming today is it's strong suit will be proven to be a falsehood. Look at the claims relating to it's prior bull runs, look at the chart, it's meaningless.
There is no pattern here at all, aside from the deadly double top on the RHS, a well recognized chart signal which spells doom for the market. But what if we claim that bitcoin has had two big collapses before this one and made a recovery, so what? Who was buying it back them? I'll tell you who, brigades of mouse-pushers, people like coin dealers and others in the financial industry. It was always an insider geek thing, right up until the corona virus shutdowns, then it went mainstream and big institutional money began taking positions in order to make big profits. To make a profit by the way you have to sell. Hodling is not something billion dollar hedge funds engage in.
It's illegal usages were also ramping up as tens of thousands of cashed up Chinese used it as a way to circumvent currency controls and get their money out of repressive China. Supply and demand, pushed it up up up. So here we are today, asking ourselves what drivers would push it back up to the "Moon" since everything ever written about it has turned out to be a lie. And that's the truth. Bitcoin is a Lie, It doesn't help with anything not illegal, it's just a big fat burden on the planet's electricity grids and the curse of yet another generation of mom and pop investors who have seen their life savings stolen by techno-turds like bankman fraud and Saylor.