Now it is evident that Bitcoin price is at an all-time high. Prices have risen steeply, far too fast for my liking. I don't think such a growth is sustainable. The bubble is going to break very soon.
But what is causing such a price hype? I speculate this phenomenon is caused by the increase in the number of Bitcoin users. Hence, demand increases and supply dwindles. Thus price increases. Are there any other factors that could add to this price hype?
This is standard argument against bitcoin - the price of BTC has risen too fast, therefore it is no sustainable, and it must fall.
But as you said yourself - prices are high because number of bitcoin users is growing - this would indicate organic growth and not a bubble!
Bubble would mean totally artificial price spike - caused by actions of market speculators, whales and bots.
Scaling resolution is upon us, also Japan legal adoption happened, Australia will adopt BTC in July, Russians changed their anti-crypto stance etc.