Does reflexivity apply to bitcoin?
Yes. In a simple form. A rising XBT:USD price attracts more users. New users bid up the price, attracting even more new users. This has happened several times since 2010, resulting in large new waves of users each time.
A rising price attracts more
speculators. The result is a bubble that eventually pops, and then the speculators leave.
yeah but what matter, is the new price that is achieved not if the bubble pop or not, that is always expected what is not expected is the new value
example, after the 1200 ath we faced a massive dump, but then what happened? we have not returned at the value that started the pump(which was around 90 i still remember it) but we stabilized at around 230, 150% increase in the end...