You forget one thing. Most people are greedy. The more they have the more they want. And as long as they can make money on bitcoin they wont destroy it. If i would have big amounts of money to invest (and its not easy to find good investment these days) i would lower price as much as possible, then buy as many as i can and then get price to the high levels so people who didnt know what will happen with bitcoin and sold cheap (because price was low and they were thinking it will always be like that) will have to buy back for 10x or 100x more they sold for. Then suddenly they wont be early adopters anymore because they wanted to save/earn few $$$ on day trading, and become later adopters and be forced to buy back as rest of people.

This is why some people are rich because they can make they own mind and spot good opportunities, and most people are poor because they dont know what to think and they simply follow the rest and are easy to manipulate. To sell or buy when the big fish wants.